Mumbai, Oct 14: On Tuesday, Oct 14 Merrill Lynch&Company announced closure of a $2.65 billion Asian Real Estate Opportunity Fund(AREOF), raised for funding projects in the region. Merrill Lynch said it had committed capital from investors in North America, Europe, Middle East and Asia for its first fund, dedicated to make real estate investments in Asia.
''We see exceptional opportunities in Asian real estate over the medium and longer term. As a long-standing and leading real estate investor in the region, the Asian Real Estate Opportunity Fund is a natural extension of our business,'' Merrill Lynch Pacific Rim Global Commercial Real Estate Managing Director and Head Tim Grady commented.
Merrill Lynch Asian Real Estate Opportunity Fund will invest across the spectrum of real estate investments, including direct real estate assets and real estate companies, with a primary focus in Japan, China, South Korea and India, and a secondary focus in Australia and Southeast Asia.
Investors in the Merrill Lynch Asian Real Estate Opportunity Fund include pension funds, endowments and foundations and private individuals.