Pacific Star Group, a Singapore-based real-estate investment firm, has joined an Israeli company to establish a US$200 million fund for investment in Vietnam.
Pacific Star Group, with significant holdings and investments in Thailand, recently signed a binding memorandum of understanding with Alony Hetz, one of Israel's largest real estate companies, to set up a fund to invest in Vietnam.
Both parties expect to raise US$200 million for the fund from institutional investors by July this year, and Alony Hetz has committed to investing US$50 million in the fund, its first real-estate investment in Southeast Asia.
Under the deal, Pacific Star and Alony Hetz will both manage the fund through a joint-venture company to be established. The fund will leverage on Pacific Star's local knowledge and Alony Hetz's expertise in managing income-generating commercial real estate.
''Pacific Star has extensive local experience in Asia and is thus an excellent partner for our entry into the region. Its existing network provides us with exceptional access to attractive investment properties,'' said Nathan Hetz, THE founder and CEO of Alony Hetz.
Pacific Star Group manages a series of funds including the US$580 million Eureka Office Fund, which acquired three prime commercial properties in Singapore _ Temasek Tower, One George Street and The Adelphi.
Also recently launched was the US$500 million Asian Real Estate Fund set up with HSH Real Estate AG, and the US$400 million Asian Real Estate prime Development Fund, which invests in prime projects in Singapore, Malaysia, China, Hong Kong, Macau, Japan and Korea.
In Bangkok, Pacific Star relaunched the Sathorn Gardens condominium and is also the owner of a soon-to-be-launched mixed-use project on Soi Thong Lo.
Alony Hetz's shares are traded on the tel Aviv Stock Exchange. The company, with a presence in Israel, Europe and North America. focuses on income-generating commercial real estate.
|
