Macquarie closes Japanese property fund at $865 million

Macquarie Global Property Advisors, a private-equity property fund owned by Macquarie Bank and its principals, has announced the final closing of its MGP Japan Core Plus fund with commitments of $865 million.The bank had envisaged the fund hitting $500 million but in the event, despite the upsizing, still had to leave investors supplying some $300 million on the sidelines.The life of the fund is nine years, with average deal lifespan per building of approximately seven years. MGPA did…