Pradera, the specialist retail fund and asset manager, is spreading its wings beyond Europe by forming a joint venture with Australia's Macquarie to provide asset management services for retail real estate assets in Asia. 

mosaic shanghai

Mosaic Shanghai

Pradera Retail Asia, headquartered in Hong Kong, has been formed on a 50:50 basis between London-headquartered Pradera and a subsidiary of Macquarie Infrastructure and Real Assets (MIRA) in Hong Kong. 

The JV company will initially provide management services to three Mosaic-branded retail properties located in the Chinese cities of Shanghai, Qingdao and Xi’an. The assets are owned by MIRA-managed companies. MIRA will continue to be the portfolio manager and provide strategic asset management to all its properties.

'This joint venture reflects our long-held ambition to take our tried and trusted approach in the retail property market into new geographies. We're excited to share our know-how with MIRA and look forward to driving growth for our clients,' said David Fletcher, managing director of Pradera.

Pradera chairman Colin Campbell added: 'We've been looking to Asia for some time and readying ourselves for the right opportunity. The joint venture with MIRA makes perfect sense. We share a common focus in retail investment and property and asset management but also have complementary strengths and expertise.'

The move comes about four months after Pradera sold a minority share in its €2 bn business to global multi-family office LJ Partnership. LJ Partnership's largest shareholders are family offices and businesses from Hong Kong and Latin America.