Prudential launches Asian property fund management business

Mumbai, May 15: Prudential today announced the launch of its Prudential Property Investment Management Singapore (PruPIM Singapore), a 50:50 joint venture between Prudential Property Investment Managers (PruPIM), one of the UK's leading real estate investment management companies and Prudential Corporation, Asia.

Headquartered in Singapore with an Asia-Pacific scope, the operation brings PruPIM's deep experience and expertise in real estate investment management together with Prudential's extensive Asian fund management business and exceptional geographic presence across the region.

A release issued here today stated that the new entity will offer investors around the world the opportunity to invest in real estate in Asia, principally through the creation of collective funds.

PruPIM Singapore's initial focus will be to develop a diversified core Asia Pacific fund. Both partners plan to transfer existing real estate assets into the new entity.

Prudential Corporation Asia Fund Management Chief Executive Ajay Srinivasan described the establishment of PruPIM Singapore as a logical application of Prudential's strengths.

''This new venture will draw on our long history of property funds management expertise, our trusted brand name and our deep knowledge of the Asian markets. These strengths will combine to create a very strong business. Our funds management business in Asia has been growing rapidly, and we are excited to be expanding into the property arena,'' he said.

PruPIM (London) Managing Director Martin Moore stressed that the time was right to expand Prudential's property investment management business to Asia. ''PruPIM's size and expertise in international real estate investment management and the backing of our powerful global property research team will help create a significant new force in the region. We also see a long-term shift globally towards the Asia-Pacific property markets and believe this is an excellent time to take this step,'' he said.

Mr Jonathan Allen has been appointed as the Chief Executive Officer of this venture, the release added.

UNI