MacarthurCook has followed up quickly on its recent approval as an investment manager by the US Securities and Exchange Commission, launching a new real estate fund in the key market.
The RMR Asia Pacific Real Estate Fund has been jointly developed by the specialist real estate investment manager as well as leading US real estate group RMR Advisors, based in Boston.
RMR Advisors will manage the fund, which is claimed to be the first real estate investment trust (REIT) operating in the US to focus on Asia-Pacific real estate securities, while MacarthurCook is the sub-adviser/investment manager.
The fund listed on the American Stock Exchange last week (May 26), following the completion of a $A45 million capital raising in the US, which was managed by RBCCapital Markets.
MacarthurCook managing director Craig Dunstan described the new fund, which draws on MacarthurCook’s knowledge of the Asia-Pacific real estate market, as a key development in the manager’s overseas business expansion plan.
“We see this initiative with RMR as providing an opportunity to gain further institutional mandates for the management of Asia-Pacific real estate securities from institutions in Australia and the US,” he said.
He added that MacarthurCook had been developing its Asian real estate securities investment capability following last year’s appointment of Craig Turnbull as head of real estate securities.
