Chelsfield Asia, a unit of London-headquartered real estate investor Chelsfield, has made the final close of its first Pan-Asia value-add fund at US$362.5 million, according to an announcement.
The fund – Chelsfield Asia Fund 1 – also secured a co-investment commitment of US$150 million and to date raised US$366 million of co-investment commitments.
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 Hong Kong-based family office, and a global fund of funds.
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, and with some cities in Asia beginning to emerge from the crisis, we are well-positioned to take advantage of this cycle,” Nick Loup, Group-Vice Chairman and Chief Executive Officer of Chelsfield Asia, said.
Elliott Bernerd, Founder and Chairman, Chelsfield Group, commented, “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.”
The Chelsfield group is an international property company focused on asset management, development, and investment in London, Paris, New York, Hong Kong, Shanghai, Tokyo, and Singapore and other key European and Asian gateway cities.
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.
Renowned for its hands-on expertise, and with its long and successful track record of innovation and value generation, it has an ability to unlock projects that have high barriers to entry, and to keep ahead of systematic changes in real estate practice and procedure.