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HONG KONG, May 29, 2020 /PRNewswire/ — Chelsfield Asia Limited, the Asian subsidiary of Chelsfield Group, an international property company based in the UK, announced the final close of its first Pan-Asia value-add fund, Chelsfield Asia Fund 1 (“CAF 1” or the “Fund”) at US$362.5 million. In addition to the US$362.5 million, Chelsfield secured a co-investment commitment of US$150 million and to date raised US$366 million of co-investment commitments alongside its Fund’s first five investments, bringing the total equity amount raised to US$878.5 million.
Investors in the fund include a sovereign wealth fund, a US-based pension fund, a global investment group from the Middle East, a corporate investor from Asia, a HK-based family office, and a global fund of funds. The Fund will target real estate assets with substantial value-add potential via operational enhancements and capital improvements in Hong Kong, Shanghai, Singapore, and Tokyo.
Nick Loup, Group-Vice Chairman and Chief Executive Officer of Chelsfield Asia, said, “The global recession provides a once-in-a-generation opportunity for investing, and with some cities in Asia beginning to emerge from the crisis, we are well positioned to take advantage of this cycle.”
Elliott Bernerd, Founder and Chairman, Chelsfield Group, commented, “I am delighted that we have finalised the closure of Chelsfield Asia Fund 1 and for the strong support we have had from our new investors. This will allow us to move forward in the Asian market at an interesting time in view of everything that has been happening. This is an endorsement of our management team in Asia and the Chelsfield Group.”
Notes to Editors:
Chelsfield:
The Chelsfield group is an international property company focused on asset management, development and investment in London, Paris, New York, Hong Kong, Shanghai, Tokyo and Singapore and other key European and Asian gateway cities. The group has been investing and developing real estate for over 30 years and currently has £4.2bn (US$5.5bn) of assets under management. Renowned for its hands-on expertise, and with its long and successful track record of innovation and value generation, it has an ability to unlock projects that have high barriers to entry, and to keep ahead of systematic changes in real estate practice and procedure.
Chelsfield Asia:
Chelsfield established its presence in Asia in November 2016 led by Nick Loup. The senior executives, Nick Loup (CEO), William Lo (COO), and Yu Yang (CIO), who are also shareholders of Chelsfield Asia, have an average of over 20 years of real estate experience and 15 years of shared work history. Chelsfield Asia is focussed on adding strategic value to undermanaged and poorly designed assets including mixed-use assets, commercial offices, residential, retail, and serviced apartments through hands-on asset management initiatives such as repositioning and refurbishment as well as developing best in class properties for longer-term hold in gateway cities in Asia including Tokyo, Shanghai, Hong Kong and Singapore. Since its inception, Chelsfield Asia has successfully raised US$362.5 million for its first value add-fund (Chelsfield Asia Fund 1) and secured a side-car co-investment commitment of US$150 million. In addition, the company has raised US$366 million of co-investment commitments to date bringing the total equity amount raised to US$878.5 million since 2016. As of March 2020, Chelsfield Asia manages US$1.1 billion of assets.
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