Asia No.1 Property Fund's Final Closing Brings Total to $243 Million, Henderson Global Investors Announces.

CHICAGO -- The Asia No.1 Property Fund, jointly managed by Henderson Global Investors and Alpha Investment Partners, a wholly owned subsidiary of Keppel Land Ltd, has announced the final closing for the Fund, which has grown to a total of $243 million.

The Asia No.1 Property Fund is a pan-Asia direct property fund targeting assets with high income yields and good prospects for value growth. The Fund offers institutional investors a vehicle seeking a diversified portfolio of property investments in Asia.

Investments have been made in Seoul, Hong Kong, Singapore and Tokyo. Its latest investment in Tokyo is a newly completed retail asset in Fujisawa, in the Tokyo metropolitan area. When fully invested, the Fund will have a portfolio of about $600 million.

"We are delighted with the success of our fund raising for Asia No.1 Property Fund. Our partnership with Alpha/Keppel has been a very fruitful one and in particular, we have assembled a group of truly global investors," said Charles H. Wurtzebach, Ph.D., Managing Director, North America, and Property CIO. "The launching of the Fund is a clear endorsement of the success of our Asian business strategy," commented Mr. James Darkins, Managing Director, Property, at Henderson Global Investors.

"Asia No.1 Property Fund marked our first venture into real estate funds management. It is important that we do well both in fund raising as well as in delivering performance to our investors. The success of the fund raising reflects the strengths of our fund management unit and our partner, Henderson Global Investors," said Mr Kevin Wong, Managing Director of Keppel Land Ltd.

The Fund first closed in April 2003 with commitments totaling $102 million with the second closing attaining over $141 million. The Fund has a diverse investor base with institutions and family offices from the UK, Europe, Australia, Asia, North America and the Middle East.

The Asia No.1 Property Fund's strategy is based on seeking opportunities in the office, residential and retail sectors in the core countries of Japan, Hong Kong and Singapore. Other countries may be considered during the remaining six-year life of the Fund. The ability to strategically allocate investments across different geographies and property sectors will help the Fund achieve superior returns and reduce risks for investors.

About Henderson Global Investors

Henderson Global Investors is a leading investment management company, providing a wide range of investment products and services to institutions and individuals in Asia, Europe and North America. Henderson manages over $132.7bn (as of December 31, 2004) in assets and employs around 900 people world-wide.

Henderson Property

Henderson has been managing property assets for more than four decades and has over $10.8bn (as of December 31, 2004) of property assets under management globally in the form of segregated mandates, pooled funds, both balanced and sector specialist, for direct property as well as property securities funds.

About Keppel Land

Keppel Land is one of the largest property companies listed on the Singapore Exchange, with presence in Singapore, China, Thailand, Vietnam, Hong Kong, India, Indonesia, Japan, Malaysia, Philippines, South Korea and Australia.

As a leading property developer in Asia, the Company was bestowed several international accolades including the FIABCI Prix d'Excellence Award (Office/Industrial Category) in 2003 and Storebrand's "Best in Class" status for environmental and social performance in 2004.