REAL ESTATE - Tokyo-based Sumitomo Mitsui Asset Management has launched a global real estate fund for the Japanese market, sub-managed by ABN Amro Asset Management.
The ‘REIT-Plus’ fund is taking advantage of ABN Amro’s global real estate capability to provide investing clients with some much-needed diversification. According to Sumitomo Mitsui’s Tsuyoshi Imai, the fund is pursuing a growth strategy and there is no yield projection being made.
As well as investing in REITs, the manager has the ability to invest in individual real estate stocks from around the world. The fund is already invested or will invest in North America, the UK, Australia, Singapore, Hong Kong, Japan and the major markets of Europe.
Imai says the aim of the REIT plus idea is to make it easier for investors to participate in the global real estate boom while diversifying into countries where REITs have yet to emerge.
Sumitomo Mitsui has launched 10 other real estate funds, four retail and six institutional, with total assets of Y136bn.