Christie Ou
Included in the firm's arsenal of capital is $2.5bn raised for two Asia real estate funds following its acquisition of Angelo Gordon.
The historic five-star hotel on the Grand Canal has been closed since 2022 for renovation, and now has a new owner.
With only $19.8bn raised, the first quarter of 2024 recorded the lowest Q1 fundraising amount since 2011 when $15.2bn was corralled.
The vehicle represents the firm's only real estate fund launch in the near term as it sits on $12bn of dry powder for the asset class.
Industry practitioners anticipate embodied carbon will become a greater focus for prospective buyers in the future.
Proprium has exited its 35% stake in the European hotel business to its co-owner, 17 years after making its original investment.
The firm started its sale process in August 2023 and received interest from five domestic investors and a foreign investor.
However, investor preferences and strategies have been changing as the country's negative interest rate era comes to an end.
The firm is adding its ESR stake acquisition to previous efforts to attain a presence in the region.
ESR’s sale of ARA Private Funds demonstrates the lengths the logistics powerhouse went to secure market share in the sector in Asia.