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$578M OF INVESTMENTS: Pacific Star sets up Asian property fund

SINGAPORE-BASED investment firm Pacific Star has shrugged off concerns about global share markets to launch a fund that banks on Asia’s property prospects.

The company has set up the Asia Real Estate Prime Development Fund and aims to make US$400 million (S $578.2 million) worth of real estate investments.

The fund will invest in prime residential apartments, serviced residences and mixed development projects in Singapore, China, Hong Kong, Malaysia, Thailand, South Korea and Japan.

Its first deal is under way – the purchase of a 49 per cent stake in two Bangkok freehold residential projects.

The developer is Asian Property Development, one of Thailand’s largest listed residential property developers.

Both projects will target local buyers in the upper-middle-income group.

Pacific Star, although one of the newer property fund houses in Asia, is growing fast. It has launched three other funds, including the US$580 million Eureka Office Fund, which owns commercial properties such as Temasek Tower, One George Street and The Adelphi.

It was also behind the Macquarie Meag Prime Real Estate Investment Trust, which is listed in Singapore and owns stakes in shopping malls Wisma Atria and Ngee Ann City.


Source: The Straits Times 30 Nov 07


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