M&G Real Estate Asia has bought a high-rise multi-family property located in Nishi-Shinjuku, Tokyo for approximately JPY30bn (鈧�188m), on behalf of its targeted strategy, which invests in value-add opportunities.
The 24-storey Frontier Shinjuku Tower, constructed by residential developer Sekisui House, has 298 residential units and commercial components of mixed retail and office units on the lower floors.
M&G plans to invest additional capital to further position Frontier Shinjuku Tower as a high-end multi-family property, and to restructure the commercial components to generate stable income.
Martin Seol, head of targeted strategy at M&G Real Estate Asia said: 鈥樷�橶e are keenly focused on sectors such as residential 鈥� including student housing and co-living 鈥� along with logistics and hospitality across the Asia Pacific, the United Kingdom and Europe.鈥�
He said that the aim was to enhance the intrinsic value of investments by leveraging the firms鈥� 鈥渆xpert asset management capabilities鈥�.
Seiko Ikeda, head of Japan Real Estate at M&G said: 鈥淭he multi-family residential sector, in particular, is pivotal to our strategic positioning and success in the Japanese market. The addition of the Frontier Shinjuku Tower to our portfolio is a testament to our commitment to capitalising on high-potential assets and building our presence in this key market.鈥�
M&G鈥檚 acquisition of the Frontier Shinjuku Tower is part of a strategic series of investments in Japan, including a significant stake increase in the ESR Ichikawa Distribution Centre in the Greater Tokyo Bay Area last year. Other investments include 30 multi-family residential properties from Blackstone for JPY49.2bn in 2022, and the Minato Mirai Center Building in Yokohama in 2022, M&G鈥檚 largest real estate acquisition in Asia for some JPY100bn.
To read the latest 麻豆映画 Real Assets magazine click here.
