Private equity real estate advisor MGPA has announced the second close of its Asian fund.
Private equity real estate advisor MGPA has announced the second close of its Asian fund.
The company reported on Thursday that is has received further commitments of €50 mln from an unnamed German insurance company. This brings the total commitments to €135 mln since the fund was launched in September 2011.
MGPA Asien Spezialfonds completed its first close in September 2012 with commitments of €85 mln from three institutional investors. The target equity capital of MGPA Asien Spezialfonds is €500 mln.
The fund is a yield focused core-plus product regulated by the German Investment Act. It is targeted primarily at institutional investors in German-speaking countries seeking exposure to Asia-Pacific real estate markets.
MGPA has operated in Asia since 1999 and has seven offices and over 130 employees in the region.
In March, MGPA acquired South Shin Otsuka Building in Otsuka and Shinjuku TX Building in Shinjuku, Tokyo on behalf of the fund. These acquisitions follow the closing of Optima Centre in Perth, Western Australia which was the first deal made by the vehicle.
The South Shin Otsuka Building was completed in 1993 and comprises 12 floors including one basement floor and 34 car parking spaces. The building is 100% let and has 5,357 m2 of net rentable area.
Shinjuku TX Building was completed in 1990 and comprises eight floors. The building is also 100% let with multiple tenants and has 7,509 m2 of net space. The fund acquired 73% of the Shinjuku TX Building with the remaining 27% owned by an institution which is a subsidiary of Tokyo Tomin Bank.
Selinus Capital is MGPA's exclusive distribution partner for MGPA Asien Spezialfonds in Germany, Switzerland and Austria.
