Pradera is entering Asia’s retail sector through a joint venture with Macquarie.
The retail fund and asset manager said it is creating a joint venture with Macquarie Retail Real Estate Management, a subsidiary of Macquarie Infrastructure and Real Assets (MIRA), which will provide asset management services in Asia.
Pradera Retail Asia will be headquartered in Hong Kong and brings Pradera’s platform to Asia.
Pradera chairman Colin Campbell said: “We’ve been looking to Asia for some time and readying ourselves for the right opportunity.”
The joint venture with MIRA makes perfect sense,” he said. “We share a common focus in retail investment and property and asset management but also have complementary strengths and expertise.”
The new Pradera division will initially provide management services to three retail properties in China (Shanghai, Qingdao and Xi’an) owned by MIRA-managed companies.
MIRA will continue to be portfolio manager and provide strategic asset management to all MIRA-managed assets.