Savills IM raises $200m for Japan Residential Fund II
Savills Investment Management has collected $200 million in a first close of its first open-ended core fund in Asia, Japan Residential Fund II. Savills said a global multi-manager acted as a cornerstone investor.
“We are delighted to have been able to achieve a first close, despite the challenging COVID market backdrop, and especially to have a quality institutional book of further demand and underpinned by such an excellent cornerstone investor,” said Alex Jeffrey, global CEO of Savills IM.
JRF II, the fourth Japanese fund launched by Savills IM, will primarily target residential investments in the Greater Tokyo market. According to the firm, JRF II will seek to capitalize on Japan’s ongoing urbanization and demographic shifts toward smaller household sizes, which support high occupancy rates and rising tenant demand for quality multifamily units in Greater Tokyo and the major regional cities. A fundraising target was not disclosed.
The fund’s first acq