BlackRock Real Estate closes fifth Asia property fund at $1.2b, surpassing target
Photo: Pradeep Gaur/Mint
March 2, 2021
BlackRock Real Estate, the realty investment management arm of global investment manager BlackRock, has closed its fifth Asia-focused fund with capital commitments amounting to $1.175 billion, it announced on Tuesday.
The fifth fund, BlackRock Asia Property Fund V, which invests in real estate assets across Asia Pacific, was oversubscribed and surpassed its $1 billion target, the investment firm said in a statement.
The fund’s investors include new and existing institutional investors across Europe, Asia, and the Americas comprising private pension funds, insurance companies, sovereign wealth funds, family offices, and endowments. In addition, 75% of clients in the predecessor fund invested in the fifth fund, the statement added.
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BlackRock last week disclosed an additional capital raise for its fifth Asia real estate fund, positioning the asset management giant to gain from a recovery in the regional economy once the COVID-19 crisis fades into the background.
In a filing with the US Securities and Exchange Commission on 8 December, BlackRock said it had raised an additional $52.9 million for its Asia Property Fund V, a value-add vehicle set up last year to invest in commercial real estate assets in Australia, Japan, Singapore, China and Hong Kong.
“We expect persistent inflows to Asian assets as many global investors remain underinvested and China’s weight in global indexes grows,” BlackRock said in its 2021 global outlook released earlier this month.