Global real estate manager Hines is expanding its $7.9bn (€7.5bn) Asia platform with a new value-add strategy led by industry veteran Caleb Shen.
Hines said it has appointed Shen as senior managing director to oversee the yet-to-be-launched Hines Asia Real Estate Partners (HAREP).
Shen, reporting to Asia CIO Chiang Ling Ng, was most recently head of Asia portfolio and asset management for GLP Capital Partners. He previously established CapitaLand Investment’s first discretionary fund and was a member of the team that launched Apollo Global Management’s Asia real estate investment platform and its inaugural Asia-focused fund.
Earlier in his career, Shen held senior roles with CBRE and LaSalle Investment Management with responsibility for asset acquisitions and dispositions and facilitation of joint ventures between developers and investors.
Hines said HAREP will expand its investor platform in the region, joining the firm’s flagship multi-sector, core-plus open-ended fund Hines Asia Property Partners (HAPP), which launched in May 2021. HAPP has so far raised over $1.3bn from 15 global investors.
David Steinbach, global CIO at Hines, said: “Asia is ripe with opportunities to accelerate transformational improvements that create value for investors and Hines’ lifecycle integrated approach and broad and deep platform in its gateway markets makes us the ideal partner.
“Moreover, the new addition of a value-add strategy in Asia rounds out our suite of open-ended core-plus and closed-ended value-add strategies globally, enabling us to meet investor needs across geographies and the risk spectrum.”
To read the latest edition of the latest IPE Real Assets magazine click here.