Union Investment vende due asset nel centro di Tokyo

Union Investment has profitably sold the Shibuya Prime Plaza office building and the J6 Front office and retail building in Japan’s capital Tokyo. Both properties are part of the portfolio of open-ended real estate fund UniImmo: Europa: J6 Front, built in 2008, was acquired in 2014, while Shibuya Prime Plaza, completed in 2007, was acquired in 2008. The parties have agreed not to disclose the purchase prices.

“The Japanese real estate market is very liquid and attractive, well-let properties continue to enjoy strong demand, especially from local investors. We have taken advantage of the ideal timing where the assets were mature and market conditions strong in order to optimize performance for our investors. The Asia-Pacific region remains a long-term strategic investment focus for our funds.”Adam Irányi, Head of Investment Management Global at Union Investment

“Supported by positive office yields spread and the strength of domestic capital demand, capital values in Tokyo remain strong. Considering the ongoing cautious global market environment with lower transaction volumes across the globe, the current sales represent a very advantageous exit opportunity and enhances the importance of geographic diversification in Asia Pacific”, says Eric Cheah, Head of Investment Management Asia-Pacific at Union Investment.

Shibuya Prime Plaza is located in the Shibuya district of central Tokyo and has a lettable area of approximately 7,826 sqm. The office building is currently 100% let. The main tenant is NTT Data, a global IT consultancy. J6 Front is also located in the Shibuya district and has a lettable area of approximately 4,938 sqm. It is 100% let. The main tenant is the Japanese clothing chain Adastria.

Source : Company