ING Real Estate has added to its Asian Retail Fund with the purchase of the 56,300 m[sup]2[/sup] North Port Mall in Yokohama City. The nine-storey, fully-let shopping centre opened last April and was acquired from a special purpose company operated by a real estate fund operator. The financial details were not disclosed.
ING Real Estate has added to its Asian Retail Fund with the purchase of the 56,300 m2 North Port Mall in Yokohama City. The nine-storey, fully-let shopping centre opened last April and was acquired from a special purpose company operated by a real estate fund operator. The financial details were not disclosed.
Yokohama City has a population of 3.6 million and is located 30 kilometres south of Tokyo.
Robert Lie, chief executive of ING Real Estate Investment Management Asia, said: 'We are very pleased with this second Japanese investment for our Asia Retail Fund. Japan plays an important role in our Asia growth strategy.' The fundh has already invested in Kuala Lumpur's Suria KLCC, The Mall in Seoul and Morioka Minami Shopping Centre Sansa in Iwate prefecture. ING Real Estate said it expected the fund to be fully invested by the end of this year.
