Wednesday, October 29, 2008
Merrill Lynch has invested $2.65bn in the Asian Real Estate market. This is the third Asian property fund of over $2.5bn that has been raised this year, despite the continuing disturbance in the global banking market. It follows a $3bn fund raised by LaSalle Investment Management earlier this month and a $3.9bn fund raised by MGPA in June. Merrill Lynch is likely to invest across all property sectors, as well as in property companies and developers, many of which have found financing increasingly difficult to source. Having completed a first $140m equity raising for the fund in May, it is aiming to increase this to between $200m-$250m by the end of the year.