SEB Asset Management, the international real estate investment manager on behalf of its Asian Property Fund (SEB Asian Property II SICAV-SIF) has sold Primegate, a ten-storey office and commercial building in Tokyo to a blue-chip domestic company.
The building is situated in a good location in Shinjuku, one of the five central districts of the Japanese capital, and was sold at a price above the most recent valuation.
The sale price reflects the extremely dynamic development of the Japanese market for highly-sought after modern multi-tenanted properties and the continuing strong demand for such prime properties. The building, which was completed in 2013, has 1,836 sqm of retail space and 1,733 sqm of office space, and is let to 12 companies. SEB Asset Management acquired the building in early 2014.
Choy-Soon Chua, the SEB Investment GmbH managing director responsible for SEB Asset Management’s Asia business commented: “We entered the Tokyo market at a favourable point in time, and we are keen to take advantage of the exceptional market conditions underpinned by strong demand from investors. With this successful transaction the fund is realising a value gain of more than 15 percent. We are identifying a number of different opportunities for our investors to re-invest the equity.”
SEB Asset Management has been active in Asia Pacific since 2006 and currently manages over EUR 1.1 billion worth of office, retail, residential and hotel buildings in Japan, Australia, Singapore, China and Hong Kong.
