Pramerica sets up S$3 bln open-end Asia real estate fund

SINGAPORE Tue Oct 11, 2011 5:39am EDT

SINGAPORE Oct 11 (Reuters) - Pramerica Real Estate Investors, part of U.S.-based Prudential Financial Inc, has set up a S$3 billion ($2.35 billion) open-end property fund by combining three existing funds that own malls in Singapore and Malaysia, the firm said on Tuesday.

The Singapore-dollar denominated Pramerica AsiaRetail Fund currently has 11 suburban properties with a net leasable area of more than 3 million square feet. It is the firm's first open-end fund in Asia.

The fund is targeted at institutional investors and will be open to new money sometime in the future, a spokeswoman for Pramerica said.

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