Japanese accommodation developer and fund manager Samty Holdings has announced the final close of its US$500 million ($646.56 million) multi-family asset fund, with US$200 million already allocated to a first portfolio of newly built assets around Japan.
The fund was established in strategic partnership with an undisclosed sovereign wealth fund, with support from Samty’s majority owner, Hillhouse Investment Management, as General Partner, according to a Dec 22 announcement.
Hillhouse’s engagement is through its real estate investment arm Rava Partners. Samty has taken a 10% equity stake in the newly launched fund.
The fund’s asset portfolio currently consists of 16 newly built properties developed or sourced by Samty, with a total of 1,948 units mainly in established neighborhoods of Tokyo and Osaka “with excellent access to public transportation, strong demographics and robust tenant demand”, according to Samty.
Hillhouse privatised Osaka-based Samty in January. Recent Samty initiatives have included the July closing of its first hotel-focused private real estate fund, the September sale of two investment pools of multi-family assets to international sovereign wealth funds, and the November announcement of its acquisition of UniLodge — Australia and New Zealand’s largest student accommodation operator — which is expected to close at a later date.
Founded in 2005 with initial funding from the Yale University Foundation, Hillhouse has grown from its first office in Singapore to an international team of over 450 professionals from more than 18 countries. Hillhouse was founded by Singaporean billionaire Zhang Lei, who is originally from China.
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Rava Partners serves as Hillhouse's dedicated real assets strategy. Since its launch, Rava Partners has committed more than US$3 billion, on behalf of funds managed by Rava Partners and Hillhouse, in 22 real estate companies across the region.
