DOHA, 1 September 2009
- Pacific Star is Qatar Financial Centre’s first regulated financial services firm from Singapore
- Qatar is an excellent base to grow the firm’s business platform in the Middle East
- Pacific Star will make significant inroads in the region and become a real estate investment advisor of choice as Middle Eastern investor interest in Asian real estate grows
Singapore, 1 September 2009 – Singapore-based Pacific Star Group, one of Asia’s fastest growing real estate investment houses, today announced it was granted a licence by the Qatar Financial Centre Regulatory Authority (QFCRA) on 27 August 2009.
Pacific Star is Qatar Financial Centre’s first regulated financial services firm from Singapore. The licence allows Pacific Star Doha LLC to conduct regulated activities in respect of advising on investments and arranging deals on investments. Dr Knut Riesmeier, President of the Group’s Qatar operations, said: “We’re delighted to receive the licence from QFC. Qatar is an excellent base to grow our business platform in the Middle East and increase Pacific Star’s funds raised from sovereign wealth funds, financial institutions, family offices and ultra-high-net-worth individuals in the region.
"We're excited about these opportunities and look forward to picking up operational pace now that the license has been granted. The timing is right as markets in Asia are turning around at a rapid pace and Middle Eastern investor interest in Asian real estate is growing."
Dr Riesmeier added: "The Pacific Star Group is fully committed to a long-term strategic presence in Qatar. This latest development also supports our overall growth strategy to provide investment solutions for global investors who are keen on real estate opportunities in the Gulf region."
Established in 2001, the Pacific Star Group is an independent Singapore headquartered real estate investment house specialising in investment management, fund management, development management, REIT management, asset management and private equity.
The Group's institutional investor base is spread across Asia, Europe, North America and the Middle East. Its clients include Qatar Investment Authority, Kuwait Finance House, MEAG, ERGO and Societe Generale.
Pacific Star has advised and managed multi-billion dollar real estate transactions since its inception in 2001. The Group manages a suite of funds, namely, the €1.2 billion AREIF Fund, the US$600 million Baitak Asian Real Estate Fund (a joint venture between Pacific Star and Kuwait Finance House) and the US$650 million Asian Real Estate Prime Development Fund which invests in prime development projects in key Asian cities.
The Group's latest fund activities include fund raising for its US$500 million Enterprise Fund and US$2 billion Asia Fund Select fund. The former is a private equity fund focused on special situations private equity real estate and it invests mainly in real estate companies and platforms through different parts of the capital structure, and the latter focuses on real estate investment opportunities in India, China, Northeast Asia and Southeast Asia.
Pacific Star has also facilitated several notable investments including Shui On Land in China which owns the renowned Xintiandi in Shanghai, Capital Square in Singapore, and the acquisition and divestment of a 50% interest in the Eureka Office Fund which had Singapore commercial properties Temasek Tower, Adelphi and One George Street in its portfolio.
The Group has offices in key cities such as Kuala Lumpur, Bangkok, Hong Kong, Beijing, Shanghai, Seoul, Tokyo, Sydney, Munich and New York.
About Pacific Star
The Pacific Star Group is a real estate investment house specialising in investment management, fund management, development, REIT management, and asset management and private equity. Headquartered in Singapore, the Group is one of Asia’s most successful real estate investment houses, serving a premier global investor base spread across Asia, Europe, North America and the Middle East. Since its inception, the Pacific Star Group has transacted multi-billion dollar deals in prime office, retail and residential properties in key cities spread across Asia. For more information, please visit www.pacificstargrp.com.
About Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha, designed to attract international financial services institutions and major multi-national corporations into the growing market for financial services in Qatar and elsewhere in the region. The QFC provides a first class legal and business infrastructure for firms operating within the QFC. The Centre consists of the QFC Authority and the QFC Regulatory Authority, as well as an independent judiciary.
The QFC Authority is responsible for the commercial strategy of the QFC, for its commercial laws, and for developing relationships with the global financial community and other key institutions both within and outside Qatar with a view to promoting Qatar and facilitating investment in the country. The Regulatory Authority supervises financial services firms who operate in or from the QFC. It has a broad range of powers to authorise, supervise and, where necessary, discipline regulated firms and individuals.
For media queries, please contact:
Merlissa Elvin-Poulose
Vice President, Corporate Communications
Pacific Star Holdings
DID:+ 65 6508 3111
Mobile:+ 65 9668 7408
Email: merlissa.elvin@pacificstargrp.com
Eugene Tan
Catherine Ong Associates Pte Ltd
DID:+65 6327 6086
Mobile:+65 9857 9236
Email: eugene@catherineong.com
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