Galileo leads charge as Japan back in vogue JAPAN has swung back into favour, with Galileo Japan Trust raising $153 million of equity in a recapitalisation that could signal a wave of fresh investment by Australian players. Galileo's move leaves the trust well positioned to grow its 21-strong portfolio of Japanese properties from its ¥57.38 billion ($627.1m) base. The portfolio, focused on Tokyo, will get a boost from the recovering office market, and benefit from the broader lift after Tokyo won the right to host the 2020 Olympics. "It's a quite important psychological boost that is something positive everyone can look forward to," trust manager Peter Murphy said. Investors approved the deal yesterday and a broad spread - including Galileo owner Neil Wherret, a part-owner of racehorse Black Caviar - backed the raising. CBRE executive director, Asia, Reid Mackay said the Japanese market had been re-rated by global institutions and Australian groups were keen to buy into the recovery. While few have finalised deals in the competitive Tokyo office market, this is where many are focused. Lend Lease's investment unit is keen to secure trophy office assets and has an interest in assembling $200m-$400m as a long-term holding. The Future Fund is after prime trophy assets in Asia and also has Japan in its sights. "Japan is back on the radar," Mr Mackay said.