Pramerica fund raises €480m
Pramerica Real Estate Investors has sealed a €480m (£340.8m) first close for its Asia Property Fund III, exceeding its initial €400m target.
The fund, which will hold a final close early next year, is the third in a series launched by Pramerica to invest in property across the Asia Pacific markets.
Commitments for the first close came from German and Middle Eastern institutional investors.
Related sells MiMA slice
US developer Related Properties has reached a deal to sell the top 13 storeys of One MiMA Tower in Manhattan, New York, to China-backed Kuafu.
The Manhattan-based fund will redevelop the space into 13 luxury flats, which it plans to sell at a discount.
Vanke in share buyback
Chinese home builder China Vanke bought back Rmb10bn (£1bn) of its shares this week, accounting for 6.6% of its issued share capital.
The move follows government attempts to support the crashing Chinese stock exchange.
Vanke’s share price has dipped by 11% since early June, compared with a 33% drop in the overall Shanghai Stock Exchange Property Index.
Poly plans Sydney tower
China Poly, one of the largest real estate developers in mainland China, is planning to build an A$154m (£74.1m) mixed-use tower in Sydney, Australia.
It will be the first of two Australian projects planned by the company.
Blackstone names China chief
Liping Zhang has been appointed as senior managing director and chairman for greater China at US private equity giant Blackstone.
The former Credit Suisse greater China chief executive is expected to target the region’s real estate sector.
jack.sidders@estatesgazette.com
