PGGM backs PAG's pan-Asian, core-plus real estate fund

PGGM is among the backers of PAG’s $1.3bn (€1.2bn) pan-Asian core-plus real estate fund.

The Dutch asset manager, along with Allianz, is investing in PAG’s Real Estate Partners Fund, which raised $300m more than its target.

Broderick Storie, a partner at PAG, said: “We enjoy strong ongoing support from our investors, which we are very grateful for.”

The company is targeting core-plus assets in nine gateway cities in Asia.

The fund, nearly 50% invested, will focus on Japan, China, Australia, South Korea and Hong Kong.

“As with all our strategies,” Storie said, “our focus remains to ensure we continue to drive and maximise investment performance and maintain best-in-class fiduciary standards.”