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Britain's Henderson Global Investors wants to raise more than US$1 billion ($1.3 billion) from institutional investors for a new Asia Pacific fund of property funds.
The firm, part of the Henderson Group, said the Luxembourg-listed Henderson Asia Pacific Indirect Property Fund (Pagoda) would target funds investing directly in property in Australia, Japan, New Zealand, Singapore, Hong Kong, India, China, Vietnam, South Korea, Malaysia, Indonesia, Thailand, the Philippines and Taiwan.
Henderson, which manages around US$18 billion in property assets, said it was targeting an annual total return of 12 per cent as the region's relatively immature real estate market was radically transformed by economic development and urbanisation over the next 5 to 10 years.
- REUTERS
