UK insurance titan Prudential has launched Prudential Property Investment Management Singapore (PruPIM Singapore), a 50:50 joint venture between Prudential's real estate investment management arm and Prudential Corporation Asia.
Headquartered in Singapore with an Asia-Pacific scope, the operation will look to leverage the two collaborating divisions’ experience and expertise in real estate investment management and Asian fund management, while also taking advantage of Prudential Corporation Asia’s strong geographic presence across the target region.
The new entity will offer investors around the world the opportunity to invest in real estate in Asia, principally through the creation of collective funds. PruPIM Singapore’s initial focus will be to develop a diversified core Asia Pacific fund. Both partners plan to transfer existing real estate assets into the new entity.
Martin Moore, MD of PruPIM in London, stressed that the time was right to expand Prudential’s property investment management business to Asia: We are delighted with this new venture which demonstrates the strength of the different parts of Prudential working together.
PruPIM’s size and expertise in international real estate investment management and the backing of our powerful global property research team will help create a significant new force in the region. We also see a long-term shift, globally, towards the Asia-Pacific property markets and believe this is an excellent time to take this step.