Singapore - One of Asia's fastest growing investment houses has signed an agreement with Israel's Alony Hetz to set up a fund investing in Vietnamese real estate, the partners said on Tuesday. The Singapore-based Pacific Star Group and Alony Hetz expect to raise 200 million US dollars from institutional investors by July.
Alony Hetz, listed on the Tel Aviv Stock Exchange and one of Israel's largest real estate holdings, recently invested 40 million US dollars in a fund in India.
Under the deal, Pacific Star and Alony Herz will both manage the fund through a joint venture company that has yet to be established.
"Pacific Star has extensive ... experience in Asia and is an excellent partner for our entry into the region," said Nathan Hetz, founder and chief executive officer of Alony Hetz in a statement.
"The overall outlook of the Vietnamese property market remains bright owing to the accelerated economic growth in the country," Hetz said.
