Citigroup raises first Asia real estate fund

Seattle, Feb 21: Citigroup's property unit said it raised 1.29 billion dollar for its first fund to invest in real estate and related assets in the Asia-Pacific region, with focus on China and India.

Citigroup, the largest US bank, and its investment professionals committed 200 million dollar to the fund, CPI Capital Partners Asia Pacific, according to a statement from the New York-based bank.

The fund will be managed by a Hong Kong-based team of more than 25 employees led by Managing Director David Schaefer. About 40 per cent of the fund has been already invested or pledged.

Since the beginning of 2006, the US managers have raised more than 5 billion dollar to invest in Asian real estate, according to private equity intelligence in London