M&G Real Estate eyes more retail, logistics assets in Asia

Singapore

M&G Real Estate, the property investment arm of Prudential plc, is eyeing more retail and logistics assets in Asia, where it already has US$2.5 billion in assets under management (AUM) in Singapore, Hong Kong, South Korea, Japan and Australia.

This is part of its overall drive to invest outside the UK with a long-term target of having half its global AUM residing outside of its home market, up from 25 per cent currently, said chief executive Alex Jeffrey.

That one-quarter of global AUM - now at about £26 billion (S$46 billion) - is split evenly across North America, continental Europe and Asia.

"On a five-year outlook, I would expect that 25 per cent to be significantly higher, not because the UK is shrinking but just because we see a lot of growth in our cross-border activi…