Reuters: Merrill raises $2.5-3 bln Pacific Rim property fund

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Merrill raises $2.5-3 bln Pacific Rim property fund
      

BOAO, China (Reuters) - Merrill Lynch & Co  is raising a Pacific Rim real estate investment fund worth around $2.5-$3 billion, an executive said on Sunday, saying certain Asian economies were well-placed to weather global financial turmoil. The launch of the fund comes at a time when many investors are looking to Asia as a safe haven in the wake of the credit crunch set off by U.S. subprime woes, as others shop for deals in the United States and Europe.
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