Real estate investment house Pacific Star has formed a joint venture in Munich which will help investors park their funds in prime Asian and European properties.
Under the deal, Pacific Star Europe also launched its Asian funds distribution business with targeted assets under management of over US$2 billion. These will focus on real estate in India, China, Northeast Asia and Southeast Asia.
Pacific Star Europe will also manage a Fund of Funds that invests in global real estate.
The joint venture links Pacific Star with two individuals Dr Matthias Sturmer and Dirk Grosse-Wordemann.
Under the deal, Pacific Star Fund Management Singapore will own 51 percent of the company while the two partners will hold the remaining 49 percent stake.
European institutional investors transacted an estimated US$2.2 billion worth of property deals in Asia in the first half of 2007, according to figures by Jones Lang LaSalle.
At the same time, Asian inflows into European real estate totalled US$3.5 billion. - CNA/ms
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