Norges Bank Real Estate Management (NBREM), part of Norway’s sovereign wealth fund, will acquire a 70% stake in a 132.5 billion Yen (approx. 1.17 billion USD) portfolio of real estate in Tokyo along with partner Tokyu Land. This is NBREM’s first investment in Asia.

The five commercial buildings are all located in Tokyo’s fashionable Omotesando / Harajuku district. The total retail and commercial floor area of the buildings is around 12,300 sqm, representing a sale price of approximately 10 million Yen per square meter, or 8,200 USD per square foot. The buildings are The Ice Cube, The Iceberg, The Jewels of Aoyama (tenants include La Perla and Anya Hindmarch), the neighboring Cinnamon (Marc Jacobs) and the V28 Building (Zara and Gold’s Gym).

Asset management will be entrusted to Tokyu Land Capital Management, with property management to be entrusted to Tokyu Land SC Management.

Sources:
Ryutsu News, December 7, 2017.
The Nikkan Kogyo Shimbun, December 8, 2017.
Tokyu Land Corporation News Release, December 7, 2017.
Norges Bank Investment Management News Release, December 7, 2017.

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