GLOBAL - A joint venture between UBS Global Asset Management and Gemdale Corporation has completed a second successful closing after Dutch investor PGGM agreed to commit as much as $75m (€56.6m) to Chinese real estate.

PGGM's commitment brings the size of the venture to nearly $200m. It saw its first successful closing on 31 March, with more than $100m in commitments.

Gemdale Corporation, a residential developer in China, has already committed $45m to two projects on behalf of the programme, which focuses on second-tier cities.

An exit from the first investment is expected in the first quarter of next year.

UBS GAM and Gemdale said the committed capital would allow their venture to seek other development opportunities.