MGPA planning $1bn Japan fund

The London-based firm’s chief executive Simon Treacy says a second vehicle dedicated to Japan is in the works. The news comes as the firm has just closed the largest dedicated Asia real estate vehicle ever on $3.9bn.

MGPA is planning to launch a second Japan fund of more than $1 billion (€640 million), the firm’s Asia chief executive Simon Treacy has revealed.

Speaking at the Reuters Global Real Estate Summit in Singapore, Treacy said that the firm was planning a second large Japan core plus fund targeting opportunities in logistics and others sectors. He said that the firm was eyeing the office sector in Osaka and Tokyo, as well as the industrial sector.

MGPA raised its first Japan core plus fund in November 2006. The vehicle attracted equity commitments of $865 million and has approximately $1 billion of assets having acquired 64 properties. Treacy did not say when a second Japan fund might be launched.

The news follows closure last week of MGPA’s pan-Asian opportunistic $3.9 billion fund, which will be invested 25 percent in China, 30 percent in Japan and 25 to 30 percent in Singapore.

The firm manages a total of $7.5 billion of assets in Asia and plans to grow this to $13 billion by December 2009.