U.S fund manager Franklin Resources (BEN.N) said on Tuesday it had raised a $383 million Asian real estate private equity fund to invest in cheap and distressed assets in the region.
The global market turmoil and reduced access to financing have created unique investment opportunities in both the developed and emerging Asian property market, the fund manager, which operates as Franklin Templeton, said in a statement.
Commercial property prices in financial centres Singapore and Hong Kong are tipped to fall 50-60 percent over the next couple of years as banks and fund management firms slash jobs and rent less space, analyst say.
More : reuters.com
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