Warburg Pincus and Japanese real estate investment manager Eastgate Group have acquired the Shinagawa Seaside West Tower which will trade under the newly launched brand of GRC.
With the Shinagawa Seaside acquisition, the joint venture (JV) now manages over 1m sqft of gross floor area and has over $300m (€275m) of assets under management.
The acquisition of the 18-storey commercial building in Tokyo is the third transaction since Warburg Pincus Asia Real Estate Fund formed the JV with Eastgate Group in 2023. The venture has since expanded the portfolio to include innovation and R&D assets in both Yokohama and Tokyo.
Takashi Murata, managing director, co-head of Asia real estate and head of Japan at Warburg Pincus, said: “Both Warburg Pincus and Eastgate are early movers in the life sciences and R&D space with over 20 years of combined experience in investing in and managing such assets.
“By leveraging Warburg Pincus’ deep platform-building experience and operational expertise and Eastgate’s strong track record and local resources, we believe that GRC is well positioned to meet the evolving needs for high-quality, specialised life sciences and R&D facilities in Japan among a diversified group of tenant base.”
Shozo Sekine, founder and CEO of Eastgate Group, said: “As one of the first movers in this space, having managed R&D assets for more than 15 years, we have observed, first hand, the critical undersupply of high-quality, well-managed R&D facilities and the resulting rental premium they command.”
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