AEW Capital Management has raised over $1.5bn (€1.3bn) for its fourth Asia Pacific value-add fund.
The manager said the amount raised for AEW Value Investors Asia IV (VIA IV) at close exceeded the fund’s $1.2bn target capital raise. The predecessor fund raised $1.12bn.
VIA IV received capital commitments from a diverse group of public and private pension funds and insurance companies based in Europe, the US and Asia Pacific, the manager said.
VIA IV will mainly focus on the acquisition of logistics, multi-family and office assets in key gateway cities across the Asia Pacific region, principally Singapore, Seoul, Beijing, Shanghai, Hong Kong, Sydney, Melbourne, Tokyo and Osaka.
Jason Lee, CIO Asia Pacific for AEW and VIA IV’s senior portfolio manager, said VIA IV is approximately 30% invested with four investments to date, including logistics and mixed-use office assets in Beijing, Melbourne, Seoul and Singapore.
“With a robust pipeline of investments that are under exclusivity already in Tokyo multi-family, Hong Kong industrial office, and Seoul logistics, we expect the fund to be close to 50% committed by year-end.”
David Schaefer, CEO Asia Pacific for AEW, said: “We are grateful to our investors for their ongoing support, especially during such an unprecedented period. VIA IV successfully surpassed the original target of $1.2bn, with more than 80% of the committed capital coming from investors in our predecessor fund, VIA III.
“This result not only reflects a sustained interest in institutional real estate in Asia Pacific among investors but also shows confidence in AEW’s execution in implementing a targeted value-add strategy.”
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