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Aberdeen Asset Management Asia Limited, the Asian arm of Aberdeen Asset Management, has launched its third closed-ended property Fund of Funds, Aberdeen Asia III Property Fund of Funds (Asia III).
Asia III will seek to create a well-diversified portfolio of best-in-class property funds in the region, including mature markets like Japan, Australia and Singapore, as well as emerging ones like China and India. The Fund will invest across the risk spectrum from core to opportunistic strategies. The target gearing is 50-60% and the Fund aims to deliver 13-17% in returns per annum.
Aberdeen is looking to raise USD 300-400 million from investors worldwide. This is in addition to the c.US$1 billion it already manages and advises in Asia Pacific property, having launched its first Asia Pacific fund of funds in 2006. Since then, it has gone on to raise a second such fund, as well as a number of property multi-manager segregated mandates.
The Fund will be managed by a team of five professionals based in Singapore under Puay Ju Kang, Head of Property – Asia Pacific. According to her, Asia III will employ the same rigorous investment approach as existing funds, with a strong research-led process. Her team will identify the best strategy for each market depending on its property cycle, and then the right manager and structure (be that funds, club deals or joint ventures).
Aberdeen has a significant networkin the region, through which it expects to gain superior access to opportunities. For example, recently its property team forged a joint venture with GE Japan Corporation to invest in the Tokyo residential market. The ability to make such connections is expected to be a factor in overall returns. The existing two Asia Pacific funds of funds saw last year strong performance, with returns of 13.3% and 25.7% respectively.
The Asia Pacific team is also a valuable part of Aberdeen’s global property multi-manager platform.
Jon Lekander, Global Head of Indirect Property, comments:
“Given Asia Pacific’s growth potential, it’s essential we have a presence in the region, both to meet demand for dedicated products as well as for global ones, where a regional element will greatly improve the overall risk-return profile. With Asia III we further affirm our belief in the investment opportunities in Asia and our ability to make the best of them.”
Hugh Young, Managing Director of Aberdeen Asia adds:
“Having built a substantial specialist equity and now a growing fixed income business over the past twenty years, property stands as the next asset class that is ripe for expansion. We’ve already made strides and have high hopes that with Asia III our diversification can successfully continue.”
Fonte: CS della Società
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