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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 sold a Singapore building last month at a 34% markup
The pile of capital aimed at Asian real estate opportunities has just grown by $1.175 billion as the largest asset manager in the US announced its latest funding milestone today.
BlackRock raised the cash for BlackRock Asia Property Fund V, a value-add strategy that has now reached its closing.
“The successful fundraise demonstrates the strong confidence and trust our investors have placed in the investment capabilities and value offered by BlackRock,” said John Saunders, head of BlackRock Asia Pacific Real Estate.
The New York-based firm, which managed over $60 billion in real assets as of 31 December 2020, revealed the closing on the investment vehicle less than two years after it was first known to have begun raising funds.
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