Harvest Real Estate Investments (HREI), will manage Greater China real estate strategies for investors globally, through the creation of both US dollar-denominated and Renminbi-denominated funds.
It will target real estate opportunities within Greater China’s emerging real estate industry for both international investors and domestic investors in China. The business also plans to bring global real estate opportunities to domestic investors in China.
Harvest is China’s second largest asset manager with approximately $37bn in assets under management, will invest into the business through its alternative investments arm, Harvest Alternative Investment Group.
Grosvenor has been active in Asia for nearly 20 years. GFM, its fund management business, has funds under management of £5bn with four investment vehicles in Asia, including a China retail fund.
Ren will lead a team of 20 professionals based in HFM’s offices in Hong Kong and Beijing. In addition, professionals from both GFM and HFM will also join the dedicated real estate platform.
Dr Henry Zhao, CEO of Harvest Fund Management, said, “Harvest is extremely pleased to have formed this joint venture with Grosvenor and Mr. Ren and his team. The team has an enviable track record in the China real estate market and is passionate about delivering results for investors. From our perspective, this business is an integral part of the Harvest Group’s continued expansion into the alternatives sector and global capital markets.”
Jeffrey Weingarten, CEO of Grosvenor Fund Management, added, “Harvest Fund Management have unparalleled access to institutions and high net worth individuals in the domestic Chinese investor market and a strong track record in fund raising, investing and realising returns. Combining these qualities with Grosvenor’s long history of international real estate investing and fiduciary relationship management and such an experienced management team forms a powerful platform that will create value for our clients. As well as giving our existing international investor partners access to this exciting market, we look forward to building long-term relationships with Chinese investors with domestic and international fund offerings.”
Copyright © 2012 AltAssets