Singapore-headquartered SilkRoad Property Partners has raised an initial US$144m (€168m) for its first core-plus fund and is in talks to acquire the fund’s seed portfolio.
The private equity real estate firm said the newly launched open-ended fund, which aims to grow to US$1bn, targets pandemic resilient sectors such as logistics, multi-family, senior living, convenience retail and life science-related assets in Singapore, Hong Kong, Japan and at a later stage, China.
The core-plus fund targets an 8-10% return per annum, on a 50% leverage, the manager said.
SilkRoad already has a value-add fund series comprising SilkRoad Asia Value Partners (SAVP) and SilkRoad Asia Value Partners II funds.
SilkRoad said the new core-plus fund is in talks to acquire three logistics and industrial properties in Hong Kong as its seed assets.
Peter Wittendorp, CEO of SilkRoad Property Partners, said: “This is a high conviction strategy, based on our own operating experience in these markets and asset classes.
“We look to leverage our sourcing and asset management capabilities honed from years of successfully investing the SAVP series to create value. We are grateful to the investors who also believe in this strategy and have placed their faith in us to launch the fund.”
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