Transcript Document

ASIA PROPERTY FUND
Open-ended Asia-Pacific Property Fund
FUND FACTSHEET  FIRST QUARTER 2007
Compass Point, Singapore
INVESTMENT HIGHLIGHTS
Direct Property Exposure: The Fund will invest primarily in stable, incomeproducing, real property assets in Asia’s major markets.
ABOUT THE FUND
The Asia Property Fund (“the Fund”)
will seek current income and longterm capital appreciation through
investments in real estate across the
Asia-Pacific region. The initial focus
will be Japan, South Korea, Hong
Kong, Singapore and Australia, but
will expand as markets in the region
mature.
KEY TERMS OF THE FUND
Structure
Luxembourg SICAV
Currency
US Dollar
Fund Life
Open-ended
Target Total
Return
8 – 10% p.a.
Target Leverage
40%, capped at 50%
Attractive Initial Portfolio: Diversified portfolio of five institutional-grade
assets offering immediate exposure to four countries and three sectors in key
Asia-Pacific markets. Currently valued at circa USD 600 million, the portfolio
is fully leased to a diversified pool of tenants under a range of lease
structures that provide a stable income profile with opportunities to capture
market growth.
Strong Sponsors: The Fund is jointly sponsored by two of the strongest
names in global and Asia-Pacific real estate investment management –
PRUPIM and LaSalle Investment Management. The sponsors’ fund and
investment management capabilities benefit from the Prudential plc and
Jones Lang LaSalle global platforms.
Substantial Seeding Commitment: The sponsors have allocated USD 875
million of assets and capital to seed the Fund. Prudential’s UK Life Fund has
contributed the USD 600 million seed portfolio, which will be expanded and
rebalanced with a USD 275 million equity commitment from Prudential’s Asia
Life Funds and LaSalle Investment Management.
Track Record: The Fund’s launch marks the expansion and continuation of
PRUPIM’s and LaSalle’s five-year partnership in Asia, which resulted in gross
annual returns in the high teens for the Prudential UK Life Fund since 2001.
The same LaSalle investment teams will lead the acquisition and asset
management functions while the same joint Investment Committee will
oversee the Fund’s strategy and execution.
Dividend
Quarterly, within 40
business days
New Industry Standards: As the first open-ended real estate fund in AsiaPacific, the Fund will set new industry standards in the region for offering
monthly subscription, redemption, valuation and published NAV to global
investors. The Fund is serviced regionally in partnership with the leading
global property management, valuation, audit and administration providers.
Fund Manager
PRUPIM Singapore
INITIAL PORTFOLIO OVERVIEW
Subscription
Monthly and on queue
Redemption
Monthly and on queue
Investment
Manager
LaSalle Investment
Management
Name of building
City
Country
Type
Nara Building
Northgate Building
Li & Fung Centre
Compass Point
400 George Street
Seoul
Seoul
Hong Kong
Singapore
Sydney
South Korea
South Korea
Hong Kong
Singapore
Australia
Office
Office
Logistics
Retail
Office
9%
9%
FOR MORE INFORMATION
(Ms) Schutz Lee
Head of Marketing and Investor Relations
PRUPIM Singapore
T: +65 6436 5300
E: [email protected]
W: www.prupim.com.sg
Philip Levinson
Director, Client Services Asia
LaSalle Investment Management
T: +65 6533 2443
E: [email protected]
W: www.lasalle.com
Total GFA of
property (sq m)
29,929
34,314
45,288
38,472
58,167
44%
59%
15%
South Korea
Singapore
Australia
Hong Kong
Office
Retail
Logistics
32%
32%
Geographic Allocation*
Sector Allocation*
* Based on valuation as at end-Jan 2007
ASIA PROPERTY FUND
Open-ended Asia-Pacific Property Fund
FUND FACTSHEET  FIRST QUARTER 2007
Northgate Building
Seoul, South Korea
400 George Street
Sydney, Australia
LiFung Centre
Hong Kong
Nara Building, Seoul, South Korea
ABOUT THE PARTNERS
PRUPIM
• Ultimately owned by Prudential
plc (United Kingdom)
• Has over 150 years in real estate
fund management
• One of the largest direct real
estate investment managers in
the world – AUM USD 37 billion
as at Dec 06, almost entirely
equity
• One of the first to invest
internationally, started over 30
years ago – ex-UK AUM
currently USD 2.8 billion
PRUPIM Singapore
• Combines PRUPIM’s property
expertise with Prudential’s
extensive footprint and fund
management business in Asia
• Headquartered in Singapore with
Asia-Pacific mandate
• PRUPIM Singapore manages
around USD 900 million of Asia
Pacific real estate assets
LaSalle Investment Management
• Leading global real estate investment
manager, over 25 years of
experience
• AUM over USD 40 billion (as at Dec
06) in separate accounts, direct funds
and real estate securities
• Subsidiary of Jones Lang LaSalle,
one of the world's leading real estate
service providers with 11,100
employees world-wide (NYSE:JLL)
LaSalle Asia
• Established Asia Pacific business,
with on-the-ground presence and
track record since 2000
• 5 offices across the region, 75
professionals and over 90 staff in
total
• AUM over USD 4billion (as at Dec
06); USD 3.5 billion of transactions
completed since 2003
• Access to Jones Lang LaSalle's
network of over 4,000 employees in
35 markets across Asia Pacific
ROLES AND RESPONSIBILITIES
IMPORTANT DISCLAIMER
This information is provided on a private and
confidential basis to potential investors in
deciding if they wish to consider this
investment. It must not be published,
circulated, reproduced or distributed in whole
or part without our written consent. This
information does not constitute an offer to
invest and is subject to correction, completion
and amendment without notice. Any such offer.
If made, will only be made by means of a
private placement memorandum.
Past performance and any forecasts are not
necessarily indicative of the future or likely
performance of the Fund,
Prudential plc is not affiliated in any manner
with Prudential Financial, Inc, a company
whose principal place of business is in the
United States of America.
Investment Committee
Board of Directors
Fund Manager
PRUPIM Singapore
Investment Manager
LaSalle Asia
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Strategy
Fund Planning and
Administration
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Investor Reporting
•
Equity Raising
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Strategy
Acquisitions, Asset Management
and Dispositions
Asset Planning and
Administration
Equity raising
Fund Administrator
RBC Dexia
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Monthly Pricing
Fund Financial
Administration
Taxation
Company Secretarial
• Clear roles and responsibilities, leveraging the respective strengths of the
sponsors with joint input on key strategic matters
• Joint representation at all decision-making levels of the Fund
• This is a proven partnership that has successfully closed on 10 investments
in four countries and three sectors in the region. These investments have
produced gross annual returns in the high teens over the last five years to
2006