Tokyo-headquartered Ascot, a part of Ping An Group, has launched its first private fund through a joint venture with global institutional investors.
The fund will invest in MF residential, senior living facilities, and student housing in the Tokyo metropolitan area.
According to the company, the fund portfolio currently consists of nine properties. This is said to majorly include a number of MF residential developed by Ascot.
The firm plans to scale up the scope of its fund in partnership with global institutional investors by acquiring MF residential, senior living facilities, and student housings from external developers and funds.
Ascot sets up its real estate business department last year, further building on the firm’s expertise in the design and quality property development capabilities.
As part of its mid-term growth strategy, the firm now aims to expand the business by establishing joint venture funds with domestic and foreign investors and new private funds.
The firm also intends to foray into the REIT and other businesses.
In addition to MF residential and offices, Ascot also seeks to add a range of asset classes, including hotels, logistics, data centres and senior housing.
The company said it is also looking at entering some asset classes from the development stage.
Ping An Japan Investment president Takeshi Nakabayashi said: “Ascot Corp. is the first real estate company in Japan invested by Ping An Group. We are fascinated by Ascot’s excellent development track record backed by its ability to plan and deliver high value-added residential and office properties.
“We have high expectations for the growth of Ascot’s new global business, including the real estate fund management business just launched, the development of logistics facilities, and integrated services from real estate brokerage to property management for global investors.”