Citigroup raises first Asia real estate fund 
Citigroup raises first Asia real estate fund
Seattle, Feb 21:
Citigroup's property unit said it raised 1.29 billion dollar for its
first fund to invest in real estate and related assets in the
Asia-Pacific region, with focus on China and India.
Citigroup,
the largest US bank, and its investment professionals committed 200
million dollar to the fund, CPI Capital Partners Asia Pacific,
according to a statement from the New York-based bank.
The fund
will be managed by a Hong Kong-based team of more than 25 employees led
by Managing Director David Schaefer. About 40 per cent of the fund has
been already invested or pledged.
Since the beginning of 2006,
the US managers have raised more than 5 billion dollar to invest in
Asian real estate, according to private equity intelligence in London.
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