Aviva, Secured Capital hold 2nd close of Tokyo fund

Aviva Investors and Secured Capital Investment Management have announced the second close of the Tokyo Recovery Fund.

This follows the fund's first close in November 2011 when initial equity of $122 (EUR 99 mln) was raised. The second close brings the total equity raised to $212 mln.

While the fund aims to raise further equity from other institutional investors, Aviva Investors and Secured Capital are targeting an aggregate portfolio of over $500 mln, based on a target equity raise of $250 mln and 50% gearing.

The fund was established by Aviva Investors' Singapore-based Asia Pacific Real Estate team and Secured Capital, an expert in Japanese real estate. Its core-plus investment strategy aims to take advantage of the constrained Japanese capital markets by acquiring a portfolio of quality office real estate in prime locations in central Tokyo.