By Miho Uranaka and Anton Bridge
TOKYO (Reuters) -Morgan Stanley is raising about 100 billion yen ($684 million) for a Japan-focused real estate fund, two people familiar with the matter said, highlighting investor interest in property as the world’s fourth-largest economy emerges from years of deflation and standstill prices.
The Morgan Stanley-managed fund is due to close in June and expected to raise at least 100 billion yen based on current investor commitments, according to the people, both of whom declined to be identified because the information hasn’t been made public. The final size of the fund could change by the closing, the people said.
Investment will centre on offices and multi-family residential buildings in major cities, as well as logistics and hotels, one of the people said.
Morgan Stanley declined to comment. Details of the fund are reported here for the first time.
(Reporting by Miho Uranaka and Anton BridgeEditing by Dave Dolan and Chang-Ran Kim)
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