Morgan Stanley Raises $885 Million for Japan Property Fund (1)

Morgan Stanley raised ¥131 billion ($885 million) for a Japan-focused real estate fund, exceeding its target on the back of demand from investors including the nation’s largest pension fund.

The US bank had initially sought to raise ¥75 billion for the yen-denominated fund, which will be managed by Morgan Stanley Real Estate Investing, according to a statement.

The fund will seek to invest in the residential, office and industrial property sectors in Tokyo, Osaka and other major domestic markets. Japan’s Government Pension Investment Fund has disclosed plans to contribute¥10 billion over 10 years. Other investors include Japanese financial institutions ...