Aetos Capital Asia, its first Japan fund, invested $740 million of equity in $3.5 billion worth of real estate. It acquired more than 500 mostly (80%) office and residential properties in 23 separate investments between mid-2002 and November 2005.
The first fund's largest investment was the acquisition of Matsushita Investment and Development Corp., which was the real estate affiliate of the Matsushita Electric Industrial Co., the maker of Panasonic brand electronics.
Aetos has built a substantial presence in Japan over the past few years, with more than 100 employees now located in Tokyo and Osaka. As it did for the first fund, the Japan offices will be responsible for sourcing transactions, managing the fund's real estate portfolio and executing dispositions pursuant to an agreement with ACA II.
Scott Kelley, who co-founded and heads the Aetos real estate business, says this second fund will be primarily focused on Japan but may invest in markets outside of Japan. He could not be reached Monday for comment. Another company source tells GlobeSt.com that at least 75% of the equity must be invested in Japan and, similar to the first fund, the vast majority will be invested in office and residential properties. Both funds have an eight-year life span.
One of the likely other countries it will invest in is Korea, where it has a small joint venture partner. China is another possibility, though the source says Aetos is in the early stages of assessing the market and determining how it might access it.
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