Merrill raises $2.6 bn for Asian realty fund

MUMBAI: Merrill Lynch has raised $2.65 billion for its first fund dedicated to Asian real estate investments. It is expected that Merrill Lynch will invest a part of the fund in India where real estate has emerged as an asset class during the past few years.

Merrill Lynch Asian Real Estate Opportunity Fund will invest in real estate assets and property companies in the region with a focus on Japan, China, South Korea and India, the securities firm said.

The development assumes significance as Asian property markets have been hit by the recent turbulence in global financial markets. ���We see exceptional opportunities in Asian real estate over the medium and longer term,��� said Tim Grady, MD & head of Merrill Lynch Pacific Rim Global Commercial Real Estate.

���As a long-standing and leading real estate investor in the region, the Asian Real Estate Opportunity Fund is a natural extension of our business,��� he added.