Morley, Aviva's largest fund management business, plans to expand its property investments across Japan and Asia.
With an initial US$2 billion of equity to invest, Morley plans to work with multiple property partners in Japan, China, South Korea and India to develop joint ventures and property partnerships in the same way it has done across Europe. The first of these joint ventures is with Mitsubishi UFJ Trust and Banking Corporation (MUTB).
Morley has allocated 50% of the US$2 billion to invest in Japanese property with the remaining 50% spread across other target markets in the region. $500 million equity has been allocated to the MUTB joint venture.
Ian Womack, Managing Director, Property at Morley said: "We have been researching the region extensively for sometime and believe that now is the right time for us to invest on behalf of our clients. We have found a number of opportunities and potential partners in our chosen markets. This underpins our confidence that our expansion in Asia and Japan will provide further important global diversification for our rapidly growing property business.
