Chelsfield Asia Successfully Completes Final Close of Chelsfield Asia Fund 1 at US$362.5 Million Plus a US$150 Million Co-investment Commitment

News May 29th 2020 in Asia

Chelsfield Asia Limited, the Asian subsidiary of Chelsfield Group, an international property company based in the UK, announced the final close of its first Pan-Asia value-add fund, Chelsfield Asia Fund 1 (“CAF 1” or the “Fund”) at US$362.5 million. In addition to the US$362.5 million, Chelsfield secured a co-investment commitment of US$150 million and to date raised US$366 million of co-investment commitments alongside its Fund’s first five investments, bringing the total equity amount raised to US$878.5 million.

Investors in the fund include a sovereign wealth fund, a US-based pension fund, a global investment group from the Middle East, a corporate investor from Asia, a HK-based family office, and a global fund of funds. The Fund will target real estate assets with substantial value-add potential via operational enhancements and capital improvements in Hong Kong, Shanghai, Singapore, and Tokyo.

Nick Loup, Group-Vice Chairman and Chief Executive Officer of Chelsfield Asia, said, “The global recession provides a once-in-a-generation opportunity for investing, and with some cities in Asia beginning to emerge from the crisis, we are well positioned to take advantage of this cycle.” 

Elliott Bernerd, Founder and Chairman, Chelsfield Group, commented, “I am delighted that we have finalised the closure of Chelsfield Asia Fund 1 and for the strong support we have had from our new investors. This will allow us to move forward in the Asian market at an interesting time in view of everything that has been happening. This is an endorsement of our management team in Asia and the Chelsfield Group.”