Morgan Stanley Real Estate Investing (MSREI), the private real estate investment arm of Morgan Stanley Investment Management (MSIM), raised JPY131 billion ($890 million) for its inaugural North Haven Real Estate Japan Strategy Fund I (JSF). At its final close, the fund exceeded the original fundraising target of JPY 75 billion ($510 million).
The majority of the JSF investor base was composed of Japanese pension funds and financial institutions, paired with foreign sovereign wealth funds.
JSF, a Japanese yen-denominated closed-end fund, will seek to invest in assets that benefit from Japan’s structural tailwinds, including domestic urbanization and international migration, relatively high return-to-office rates plus growing office employment, and strong ecommerce and supply-chain reconfiguration, which will support the residential, office and industrial real estate sectors, respectively. The fund will focus on properties within these sectors in Tokyo, Osaka and other
