Aviva Investors and Japanese market specialist Secured Capital Investment Management (Secured Capital) announced that the Tokyo Recovery Fund has acquired an office building for an undisclosed amount.
Aviva Investors and Japanese market specialist Secured Capital Investment Management (Secured Capital) announced that the Tokyo Recovery Fund has acquired an office building for an undisclosed amount.
The Glass City Shibuya/Nanpeidaicho is an 11-storey office building completed in February 2004.
This is the fund's second acquisition since acquiring Meguro Place in March 2012. The fund had its second close in July 2012, bringing its total equity to $212 mln (EUR 161 mln).
The fund is seeking to raise further equity from other institutional investors and aims to acquire a $500 mln portfolio, with $250 mln equity and an equal amount of debt.
Shu Watanabe, deputy fund manager, said: 'This asset is representative of the type of quality, well-located office real estate that the Tokyo Recovery Fund aims to acquire. The property is located in one of Tokyo's central wards and is in line with the fund’s strategy to deliver stabilised distribution yield with upside in capital value, which is further enhanced by the favourable debt financing available in the market.'
The December edition of PropertyEU Magazine features a report from our recent Japan Investment Briefing.
