Merrill closes new Asian property fund

Merrill Lynch puts the finishing touches to its Asian Real Estate Opportunity Fund having raised $2.65 billion.

Merrill Lynch has closed its Asian Real Estate Opportunity Fund, raising $2.65 billion from global investors including pension funds, endowments, foundations and high-net-worth individuals. It is MerrillÆs first real estate fund that specialises in the Asian market exclusively.

The fund will be led by Tim Grady, who is head of Merrill Lynch Pacific Rim Global Commercial real estate. He is a well known figure in the property world in Hong Kong and has been at Merrill for two years, having...

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