Savills Investment Management has launched its first pan-Asian property fund with an initial fundraising of US$117 million, and an investment target of around $1.2 billion, including 60% financed through debt. According to the UK property manager, the Savills IM Asia-Pacific Income and Growth Fund has a core-plus investment strategy, investing in lower risk assets with stable income flow. It has a targeted internal rate of return of 8%-10%. “The fund targets sector diversity and will include offices, logistics/industrial, retail and residential. The target total investment volume is at approximately $1.2 billion including a maximum debt ratio of maximum 60% at fund level,” Savills says in a statement on May 12.