SC Capital Partners has secured commitments, including pledges from two global institutional investors, for up to JPY122bn (€880m) for its new Japan Hospitality Fund.
The Singapore-based manager held the first close of the opportunistic fund with an initial commitment to the strategy of JYP61bn with a further top-up option to increase total commitments to JPY122bn of equity for the fund which was first mooted in August last year. Details of the two global investors were undisclosed.
SC Capital said the fund would focus on acquiring minor repositioning and/or operating hospitality-related investments across Japan, including real estate trusts, beneficiary interests representing real estate, companies and real estate investment trusts.
Suchad Chiaranussati, chairman and founder of SC Capital Partners, said: “The current environment is causing market dislocation and funding gaps, and we believe there is a compelling investment opportunity in Japan’s hospitality sector.”
The asset manager has invested in the Japanese hotel sector through its Real Estate Capital Asia Partners opportunistic fund series since 2010.
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