Pramerica Real Estate Investors has closed Pramerica AsiaRetail Limited, a S$3 bn (EUR 1.7 bn) private open-end property fund that invests in shopping centres on behalf of institutional investors, the company announced on Tuesday. Pramerica is the real estate investment management and advisory business of Prudential Financial, which is headquartered in the US.

The Singapore-dollar denominated fund, managed by Singapore-based Pramerica Real Estate Investors (Asia), consolidates the company's closed-end Asian Retail Mall funds into a private open-end property fund for institutional investors looking to take advantage of opportunities in Asia's growing retail sector.

Pramerica currently manages 11 retail assets with a net leasable area of more than three million sq ft in Singapore and Malaysia on behalf of investors in the former Asian Retail Mall funds. By property value, Pramerica AsiaRetail is the second largest shopping centre owner in Singapore and one of the largest property funds of its type in Asia.

The fund focuses on retail properties in Singapore and Malaysia, grounded by the initial portfolio, which includes Tiong Bahru Plaza, Century Square Shopping Centre, Hougang Mall, and White Sands Shopping Centre.

Beginning in 1994, Pramerica's Asia-Pacific business has built a pan-Asia real estate investment management platform of more than $7.7 bn gross asset under management as of June 30, 2011.