Pramerica sets up S$3bn open-end Asia real estate fund

SINGAPORE: Pramerica Real Estate Investors, part of US-based Prudential Financial Inc, has set up a S$3 billion ($2.35 billion) open-end property fund by combining three existing funds that own malls in Singapore and Malaysia, the firm said on Tuesday.

The Singapore-dollar denominated Pramerica AsiaRetail Fund currently has 11 suburban properties with a net leasable area of more than 3 million square feet. It is the firm's first open-end fund in Asia.

The fund is targeted at institutional investors and will be open to new money sometime in the future, a spokeswoman for Pramerica said.