Fund manager spends US$200m on properties in Japan, Australia
Fund manager seeks to diversify its portfolio by acquisitions in Japan and Australia
M&G Real Estate, one of the world's top 25 real estate fund managers by assets under management, has acquired two properties in Japan and one in Australia with a combined market value of more than US$200 million.
The move comes as an increasing number of Western funds become more active in Asia-Pacific.
The company said it made the purchases with a view to building long-term sustainable income and diversifying its core Asia real estate portfolio.
Fund manager Erle Spratt said the acquisitions added distinct value to the firm's Asia-Pacific property portfolio as it continued to diversify risk and build on the attractive investment performance this strategy had achieved on a one- and three-year basis.
M&G Real Estate is the real estate fund management arm of M&G, the investment unit of Britain-based Prudential.
"We are constructing a portfolio in Japan comprising two-thirds income-oriented assets and one-third growth investments to deliver attractive income and capital growth," Spratt said. "We see a healthy pipeline of opportunities to invest in Japan that fit this strategy."