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IDERA partners with PGGM on €210m Japan JV

The Dutch pension fund manager has committed €210 million to IDERA’s third Japan-focused residential vehicle.

IDERA Capital Management, the boutique private equity real estate firm owned by the Chinese conglomerate Fosun, has partnered with the Dutch multi-asset pension manager PGGM on a €210 million Japan-focused residential joint venture.

IDERA plans to use the capital from the Japan Residential Property Fund to invest in residential properties across Japan, with a major focus on the greater Tokyo region and other urban cities.

Commenting on the partnership with PGGM, Takuya Yamada, chief executive officer of IDERA Capital Management said: “The inception of the joint venture is a great achievement and testament to our proven expertise in residential property investments. We look forward to utilizing our vast knowledge and experience to deliver returns and strengthen our relationship with PGGM.”

The Japan Residential Property Fund is the largest vehicle IDERA has raised for Japanese residential so far. In March last year, PERE reported that the firm had discontinued fundraising for the Japan Urban Residential Club (JURIC) II at $40 million, around $20 million short of its initial target.

In March 2013, JURIC I, launched as a joint venture partnership with the Danish multi-manager Sparinvest Property, closed on $20 million. The initial fundraising target for the fund was $100 million.