ARA CEO plans to double assets
HONG KONG: ARA Asset Management Ltd. (ARA), a manager of real estate trusts partly owned by billionaire Li Ka- shing, wants to double assets under management over five years as its private funds buy more properties. ARA, which manages about S$22.1 billion ($17.7 billion) of assets through real estate investment trusts and funds, plans to expand with acquisitions and enhancing existing properties, Chief Executive Officer John Lim said in an interview yesterday. Its real estate funds, which make up less than a third of assets managed by the Singapore-based company, are expected to increase to half in five years, he said. With six REITs listed in Singapore, Hong Kong and Malaysia, ARA now wants to focus on expanding its private property funds after attracting the largest U.S. pension investors. The stock rose 2.5 percent to S$1.85 at the close in Singapore, the biggest gain in five weeks. That extended the year’s increase to 14 percent, more than twice the 5 percent advance in the index tracking the city’s REITs.