UK-based international property company Chelsfield Group announced Chelsfield Asia Limited, its Asian subsidiary, has closed its first Pan-Asia value-add fund, Chelsfield Asia Fund 1 at US$362.5 million.
In addition to the US$362.5 million, Chelsfield secured a co-investment commitment of US$150 million and to date raised US$366 million of co-investment commitments alongside its Fund’s first five investments, bringing the total equity amount raised to US$878.5 million.
Investors in the fund include a sovereign wealth fund, a US-based pension fund, a global investment group from the Middle East, a corporate investor from Asia, a HK-based family office, and a global fund of funds, said the company in a statement.
The Fund will target real estate assets with substantial value-add potential via operational enhancements and capital improvements in Hong Kong, Shanghai, Singapore, and Tokyo.
”The global recession provides a once-in-a-generation opportunity for investing…”
“The global recession provides a once-in-a-generation opportunity for investing, and with some cities in Asia beginning to emerge from the crisis, we are well positioned to take advantage of this cycle,” said Nick Loup, Group-Vice Chairman and Chief Executive Officer of Chelsfield Asia.
“I am delighted that we have finalised the closure of Chelsfield Asia Fund 1 and for the strong support we have had from our new investors. This will allow us to move forward in the Asian market at an interesting time in view of everything that has been happening. This is an endorsement of our management team in Asia and the Chelsfield Group,” said Elliott Bernerd, Founder and Chairman, Chelsfield Group.
The group has been investing and developing real estate for over 30 years and currently has £4.2bn (US$5.5bn) of assets under management.