Real estate development, investment as well as property management Hines has launched a new property investment fund that focuses on Asia. The fund is known under the designation Hines Asia Real Estate Partners (Harep) The fund is diversified and closed-ended. It will broaden Hines the investor platform it offers in the region.
The Arcady condo price was acquired for an impressive S$222.18 million.
Harep’s launch Harep is in line with Hines Asia Property Partners (Happ) which is the company’s flagship, multi-sector, core plus open-ended fund which established in the month of May 2021. Since its launch, Happ has raised over US$1.3 billion ($1.8 billion) from a group of 15 investors across the globe.
“The new value-add strategy in Asia completes our range of core-plus options that are open-ended as well as closed-ended value add strategies around the world which allows us to address the needs of investors across all geographies and across the risk spectrum,” says David Steinbach chief investment officer of the world at Hines in a October 3 press announcement.
Hines have also announced that they will be appointing Caleb Shen as senior managing director in charge of Harep. He is a subordinate of Chiang Ling Ng, Hines Chief investment officer in Asia. Shen is joining Hines after a stint at GLP Capital Partners, where He was the head of its Asia Asset and portfolio management.