Asia-focused fund holds final close

Frankfurt-based SEB Asset Management AG has held a final close for its second pan-Asia core-plus/value-added fund, according to IREI’s FundTracker database. SEB Asian Property II raised €87.5 million ($93.6 million).

The investment focus is on office, retail, industrial and residential properties in China, Japan, and selected locations in Singapore and South Korea. It also may invest in Australia, Malaysia and Indonesia. The allocation to development projects is limited to a maximum of 40 percent of the fund.

SEB is also in the process of raising another core/core-plus fund focused on Asia, SEB Asia REI, which does not have a capital-raising target. It has a planned investment volume of €500 million ($534 million), which it will invest in office, commercial, residential and logistics properties in Asia Pacific countries including Japan, Singapore, China, South Korea,