The Asian arm of UK-based property firm Chelsfield Group has raised $362.5m (€325.7m) for its first Asia value-add property fund.

The Chelsfield Asia Fund 1 (CAF 1) fund, which has no closed, also secured a co-investment commitment of $150m and to date raised $366m of co-investment commitments.

Chelsfield Asia said investors in the CAF 1 fund include a sovereign wealth fund, a US-based pension fund, a global investment group from the Middle East, a corporate investor from Asia, a HK-based family office, and a global fund of funds.

CAF 1 will target real estate assets with substantial value-add potential via operational enhancements and capital improvements in Hong Kong, Shanghai, Singapore, and Tokyo, the manager said.

Nick Loup, group-vice chairman and CEO of Chelsfield Asia, said: “The global recession provides a once-in-a-generation opportunity for investing, and with some cities in Asia beginning to emerge from the crisis, we are well-positioned to take advantage of this cycle.”

Elliott Bernerd, founder and chairman, Chelsfield Group, said: “This will allow us to move forward in the Asian market at an interesting time in view of everything that has been happening.”

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