Goldman to double annual property acquisitions in Japan, real estate company flips Hewlett-Packard building to Singapore REIT, and Ascott buys three rental apartment buildings. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Goldman Sachs to double property investment in Japan
Goldman Sachs is doubling its annual property investment in Japan to 250 billion Yen (approx. US$2.28 billion) a year. The acquisitions will focus on logistics facilities and data centers, adding further competition to this sought-after segment of Japan’s real estate market.
Singapore REIT buys HP HQ
Mapletree North Asia Commercial Trust is paying 38.8 billion Yen (approx. US$354 million) for the Japan Hewlett-Packard head office building in Ojima, Koto, Tokyo. The 9-story building has a total floor area of 42,000 sqm and sits on a 14,000 sqm site. It was built in 2011. Japanese real estate company HULIC purchased the building just 12 months prior in April 2020.
Ascott buys 3 rental apartment buildings
Singapore-based Ascott Residence Trust will be purchasing three rental apartment buildings for a total of 6.78 billion Yen. The trust had previously focused on acquisitions in the short-term accommodation market but has switched focus to Japan’s long-term residential letting market as it offers more stable returns. The three buildings are all located in Sapporo City and have between 126 ~ 163 units each. The buildings were built in 2007, 2008 and 2020.
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