Prudential has announced the launch of Prudential Property Investment Management Singapore (PruPIM Singapore), a 50:50 joint venture between Prudential Property Investment Managers (PruPIM), one of the UKs leading real estate investment management companies, and Prudential Corporation Asia.
Headquartered in Singapore with an Asia - Pacific scope, the operation brings PruPIMs deep experience and expertise in real estate investment management together with Prudentials extensive Asian fund management business and exceptional geographic presence across the 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 Singapores 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.
Ajay Srinivasan, Chief Executive, Fund Management at Prudential Corporation Asia, described the establishment of PruPIM Singapore as a logical application of Prudentials strengths: This new venture will draw on our long history of property funds management expertise, our trusted brand name and our deep knowledge of the Asian markets. These strengths will combine to create a very strong business. Our funds management business in Asia has been growing rapidly, and we are excited to be expanding into the property arena.
Martin Moore, Managing Director of PruPIM in London, stressed that the time was right to expand Prudentials 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. PruPIMs 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, said Moore.
The venture will be headed by newly-appointed Chief Executive Officer, Jonathan Allen. Previously, Allen led Prudentials fund management product group in Asia.