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August 11, 2014

CBRE GMM Closes Asia with $236M in Commitments

Adrian Baker

Adrian Baker

By Barbra Murray, Contributing Editor

CBRE Global Multi Manager has completed the final close of the Asia Alpha Plus III Fund, a closed-end investment vehicle targeting private equity real estate in the Asia-Pacific region, having raised $236 million. Leveraged, the fund will allow for $500 million in investments.

Investors in AAPIII, which launched in 2013, comprise a very specific group: government and corporate pension funds. “(Investors were attracted to) previous fund performance and track record, the significant pre-specified portfolio, the market opportunity across Asia-Pacific and the fund’s focus on JVs and co-investments,” Adrian Baker, AAPIII fund manager, told Commercial Property Executive. In addition to JVs and co-investments, AAPIII will target club deals, relying on CBRE’s strong presence in and knowledge of the Asia-Pacific region to facilitate all investments.

The inaugural AAP Fund launched in 2009. Five years later, CBRE feels the timing is still right for tapping into the market.  “We continue to see opportunities in the Asia-Pacific region, and AAPIII will focus on investments that have a high proportion of pre-specified assets and those with a high proportion of the return coming from income,” Baker noted in a prepared statement.

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