Citigroup has closed its first Asian property fund, which is larger than its US fund, at a time when private equity investment is expected to boom in the region.

Citigroup Property Investors Asia, the real estate investing arm of Citigroup's private equity business, closed a $1.29bn (€982m) fund today. Around $200m of that money will come from Citigroup itself as well as the investing team, which includes David Schaeffer, a real estate private equity specialist and head of Citigroup Property Investors' Asia-Pacific investments.