Standard Life Investments, one of Europe’s largest real estate investors, managing £17.8 billion of assets has completed the sale of one of its three office assets in Tokyo.
Standard Life Investments acquired the Kandabashi PR-EX building in June 2014, when it was just 40 percent let, and implemented a new strategy achieving full occupancy by November 2015.
Working closely with partners, Sumitomo Mitsui Trust Bank, the Standard Life Investments Global Real Estate Fund retains an ongoing interest in the Tokyo market through its continued ownership of its two further Tokyo assets; the Nishishinbashi PR-EX building in the Minato Ku and the Ginza Chome 1 building, in the Ginza area within the Chuo Ku.
Tokyo Market Robust
«We are committed to the office market in Tokyo, which offers an excellent opportunity for our investors. However, we are pleased to have completed the sale of this asset, having fulfilled our asset management objectives, which has performed above expectations and achieved a positive return ahead of schedule thanks to our ability to deliver full occupancy,» said Andrew Jackson, Fund Manager of the Standard Life Investments Global Real Estate Fund.
