Singapore's Keppel Land raises US$1.2b property fund
18-JUL-2008 Intellasia | Reuters
Jul 18, 2008 - 7:00:00 AM
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Keppel Land, Singapore's third-biggest developer by market value, said on Wednesday its property fund management unit, Alpha Investment Partners, has raised US$1.2 billion from 15 institutional investors for a new property fund.
The new Alpha Asia Macro Trends Fund will target real estate in Singapore, Japan, Taiwan, South Korea and Hong Kong, and the emerging markets of China, India and Vietnam, Keppel Land said in a statement.
When the latest fund is fully invested, Alpha will have five funds with gross assets under management of about S$7 billion (US$5.2 billion), the statement said.
Keppel Land said investors in Alpha's funds include three of the largest Dutch pension plans-Stichting Pensioenfonds ABP, PGGM and MN Services-global banks including UBS and Deutsche Bank, and a number of sovereign funds.
Separately, Southeast Asia's biggest developer CapitaLand (CATL.SI: Quote, Profile, Research, Stock Buzz) announced earlier Thursday that it has set up a US$1 billion private equity fund in China.
The Raffles City China Fund is to acquire CapitaLand's 56% stake in the Raffles City Shanghai mall, and 100% of the other three Raffles City-branded projects being built in Beijing, Chengdu and Hangzhou.
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