The Tokyo Recovery Fund has first closed at $122 million with allocations from investors including PGGM Investments and Aviva, The Asset reports. The fund, set up by Aviva Investor’s Singapore-based Asia-Pacific real estate team and Secured Capital Investment Management, plans to garner more equity for its final close which is scheduled in the first quarter of next year.
The vehicle will be run by Ian Hally, CEO of Asia-Pacific real estate at Aviva Investors. Secured Capital, the fund’s asset manager, is experienced in investing in the Japanese property market.
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Asia-Pacific Aviva Ian Hally Tokyo PGGM Investments