ING Real Estate Investment Management, which has now become CBRE Global Investors, officially assumed all management responsibility and the role of General Partner for the New City Asia Opportunity Fund in early April 2009. As a result, the portfolio was renamed as the Phoenix Real Estate Fund.
The Fund is a $776 million (approx.) closed-end, pan-Asian Real Estate Opportunity Fund. The Fund invests in a portfolio of opportunistic residential, industrial and office development assets in Japan, China, and South Korea with a focus on Japan.
- High quality in major markets
- Residential, industrial, and office
- Restrictions on retail and lodging investments
- Focus on equity purchase
- Debt acquisitions
- JV participation
- Japan, PRC, and South Korea