Cordea Savills holds first close of Tokyo fund
Cordea Savills has announced the first closing of its Greater Tokyo Office Fund with 100 percent of its capital sourced in Asia from private banks, family offices and institutional investors. The fund will have initial purchasing power of $320 million. The Greater Tokyo Office Fund is a yen-denominated four-year closed-end investment vehicle that targets an internal rate of return in the mid-teens. The Cordea Savills team will acquire office assets in Tokyo. Cordea Savills and Straits Real Estate Pte. have also announced that Straits Real Estate will be the Sponsor Limited Partner for the fund, providing capital with an initial commitment of $40 million and the possibility to increase such commitment in future closes.