BlackRock Inc.'s property investment management arm, BlackRock Real Estate, is planning to launch its fifth Asia-focused value-add real estate fund, DealStreetAsia reported, citing people familiar with the matter.
The firm has received commitments ranging from $300 million to $350 million, the news outlet reported, citing unnamed industry executives. According to the report, the initial close of the fifth investment vehicle could be near $500 million, which was the total size of BlackRock Asia Property Fund IV, which closed in November 2017.
A spokesperson for BlackRock told DealStreetAsia that the firm is planning to launch its next value-add strategy in the "near future," but declined to provide further details.
BlackRock Real Estate's Asia-Pacific team also recently confirmed that its chief investment officer, Greg Lapham, is leaving the firm to explore other opportunities, the news outlet reported. Hamish MacDonald, the firm's head of realty in Australia, will take on his responsibilities.
