Prudential Real Estate Investors, the real estate investment management unit of Prudential Financial, has closed a S$3 billion private open-end property fund Pramerica AsiaRetail. The Singapore-dollar denominated fund invests in shopping centers on behalf of institutional investors. The vehicle, which is run by Singapore-based Pramerica Real Estate Investors (Asia), combines the firm’s closed-end Asian Retail Mall funds with a private open-ended property fund for institutional investors. It concentrates on retail properties in Singapore and Malaysia, grounded by the initial portfolio, including Tiong Bahru Plaza, Century Square Shopping Centre, Hougang Mall and White Sands Shopping Centre.
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