Alpha Investment Partners (Alpha), a private fund management arm of Keppel Capital Holdings (Keppel Capital), has been awarded a $360 million separate account mandate from Dutch pension fund PGGM.

The Alpha Asia Separate Account includes a top-up option of up to $320 million, which would bring the aggregate commitment to $680 million if the top-up option were fully exercised.

The fund will focus on core-plus opportunities predominantly in commercial real estate in key cities in Japan and China, as well as in Singapore.

SEE: Keppel asset management unit acquires 3 commercial buildings in Seoul for $510 mil

Alvin Mah, CEO of Alpha, says the fund is pleased to extender its partnership with PGGM which spans over 15 years.

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“The new investment mandate bears testimony to the confidence that institutional investors have in Alpha’s capabilities in delivering sound returns for our investors,” he says.

Shares in Keppel Corporation closed 2 cents or 0.38% lower at $5.32 on March 31.