ASIA - Franklin Templeton Real Estate Advisors has closed its $383m (€280.7m) private equity Asian Real Estate Fund and aims to take advantage of market corrections to buy up bargains.
Turbulent global markets and limited access to financing has created "unique investment opportunities" in both developed and emerging property markets in Asia, according to Glenn Uren, managing director at Franklin Templeton Real Estate Advisors.
"Savvy investors are cautiously exploring the region looking for undervalued and distressed assets. It's a unique investment climate in which to deploy capital. We believe that 2009 and 2010 should provide excellent opportunities for real estate investing in Asia," he said.
The Asian Real Estate Fund is a private closed-end fund invested across Asia with other chosen private property funds and does not invest in listed property securities or direct property.
It has already invested in eight funds and targets an internal rate of return of 17-19%.
Uren and Jack Foster, managing director and head of real estate for the firm, are the fund's portfolio managers but are also working closely with Wenning Jung, vice president of Franklin Templeton Real Estate Advisors based in Singapore, and another 11 investment professionals globally.
Franklin Templeton Real Estate Advisors is a division of Franklin Templeton Investments. Franklin Templeton Investments, which currently has over $377bn of assets under management.
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