We are an Asian real estate fund management company focused on the management of public-listed real estate investment trusts ("REITS") and private real estate funds. ARA was incorporated as an exempted company with limited liability in Bermuda on 1 July 2002 and was admitted to the official list of the main board of the Singapore Exchange Securities Trading Limited ("SGX-ST") on 2 November 2007.

ARA currently manages REITS listed in Singapore, Hong Kong and Malaysia with a diversified portfolio spanning the office, retail and industrial sectors, private real estate funds that invest in Singapore, Hong Kong, Malaysia and China; and a specialist equity fund investing in a portfolio of primarily listed equity securities in asset-intensive growth sectors in the Asia Pacific region.

Real Estate Investment Trusts
ARA currently manages four listed REITs across Singapore, Hong Kong and Malaysia with close to 7 million square feet of real estate space and a total property value of approximately S$8.7 billion as at end 2007.We earn:
(i) base fees based on the property or gross asset value of the REITs we manage;
(ii) performance or variable fees based on the net property income of the REITs; and
(iii) acquisition or divestment fees based on the value of acquisitions or divestments by the REITs.

Private Real Estate Funds
We currently manage three closed-end private real estate funds investing in real estate in Asia. Investors in the private real estate funds we manage commit capital at the outset of a fund, which is then drawn down over the investment period of the fund. Capital is returned to the investors as investments are realized. We earn:
(i) portfolio management fees based on the committed or invested capital of the private real estate funds we manage; and
(ii) performance fees comprising of a share of the returns of the funds beyond certain hurdle rates.

Specialist Equity Funds
The Group commenced the management of open-ended specialist equity funds in 2007 with the establishment of the ARA Asian Asset Income Fund. We earn:
(i) portfolio management fees based on the net asset value of the fund; and
(ii) performance fees comprising of a share of the net realized and unrealized returns of the fund beyond a hurdle rate.

Corporate Finance Advisory Services
ARA Financial Pte Ltd ( “ARA Financial”) is the Group’s in-house corporate finance advisory arm. ARA Financial currently provides advisory services on asset acquisitions to the REITs managed by the Group and advises the Group on the establishment of REITs, partnerships and joint ventures as well as mergers and acquisitions.