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AEW Capital's 3rd Asia-Pacific value-added real estate fund raises US$1.1B

AEW Capital Management LP closed its third value-added fund focused on the Asia-Pacific region at US$1.12 billion, surpassing its US$750 million target.

The amount raised for the AEW Value Investors Asia III fund includes client co-investment capital. Investors in the fund include public and private pension funds and insurers based in the U.S. and Europe.

Similar to its predecessors, the fund will acquire commercial assets in key gateway cities across the Asia-Pacific region, including Hong Kong, Singapore, Seoul, Shanghai, Sydney, Beijing and Melbourne. It seeks to reposition, refurbish and release assets to add value, according to a release.

The global institutional real estate investment manager said the fund has completed four investments, including properties in Seoul and Sydney.