SEB Asset Management acquires “Primegate” in Tokyo .
SEB Asset Management has acquired Primegate, a ten-storey office and commercial building in Tokyo with a market value of JPY 5.5 billion (approximately EUR 39 million). The property was purchased for SEB Asian Property Fund II SICAV-SIF, an investment fund under Luxembourg law specialising in Asian real estate. The building, which was completed in 2013, is in an extremely good location in Shinjuku, one of the five central districts of the Japanese capital, and has excellent local public transport links. Takadanobaba train station is a one-minute walk away. The train station is served by three lines – Yamanote, Seibo-Shinjuku and Tozai – and is one of Tokyo’s most frequented stations, with an average passenger volume of 210,000 people per day.The property has 2,015 sqm of retail and catering space and 1,555 sqm of office space, and is almost fully let to 13 companies.
“In addition to its excellent location and above-average building quality, this property’s main compelling feature is its broadly diversified tenant structure”, said Choy-Soon Chua, the SEB Investment GmbH managing director responsible for SEB Asset Management’s Asia business. Choy-Soon Chua rates the situation on the real estate market in Tokyo positively. “From an anti-cyclical perspective, we are entering the Tokyo market at a favourable point in time. Japan is in fundamentally good health, and its positive rental price trend looks likely to continue. Due to the particularly high demand in the office and retail segment, we are presently also looking in detail at investment opportunities for alternative types of use, such as logistics and hotels.”
Source : Company