SINGAPORE (EDGEPROP) - Real estate investment, development and property manager Hines has announced a new value-add real estate investment vehicle focused on Asia. Known as Hines Asia Real Estate Partners (Harep), the diversified, closed-ended fund will expand Hines’ investor platform in the region.

The launch of Harep follows Hines Asia Property Partners (Happ), the firm’s flagship, multi-sector, core-plus open-ended fund that was launched in May 2021. Since its inception, Happ has raised over US$1.3 billion ($1.8 billion) from 15 global investors.

“The new addition of a value-add strategy in Asia rounds out our suite of open-ended core-plus and closed-ended value-add strategies globally, enabling us to meet investor needs across geographies and the risk spectrum,” says David Steinbach, global chief investment officer at Hines, in an Oct 3 press release.

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Hines also announced the appointment of Caleb Shen as senior managing director overseeing Harep. He reports to Chiang Ling Ng, Hines’ chief investment officer for Asia. Shen joins Hines from GLP Capital Partners, where he was its head of Asia portfolio and asset management.