SEB Asset Management is acquiring partial ownership of 9,035 m[sup]2[/sup] of the mixed-use Abeno Nini commercial building in Osaka, Japan, for JPY 7 bn (EUR 72 mln). The seller of the office, hotel and retail space is developer Osaka Colors.
SEB Asset Management is acquiring partial ownership of 9,035 m2 of the mixed-use Abeno Nini commercial building in Osaka, Japan, for JPY 7 bn (EUR 72 mln). The seller of the office, hotel and retail space is developer Osaka Colors.
This is SEB Asset Management's seventh investment on the Japanese real estate market since it first entered it in 2007. SEB Asset Management’s eight-strong team in Singapore manages 14 properties in the Asia-Pacific region worth more than EUR 1.4 bn for the company's various funds.
The property will be added to the portfolio of the SEB Asia REI real estate special fund.
'This equity interest gives us the opportunity to invest anticyclically on the Japanese real estate market,' said Siegfried Cofalka, the SEB Asset Management managing board member responsible for the institutional real estate business. 'This newly constructed building is a compelling investment since it is fully let to creditworthy tenants for the long term, offers a good location near a major station and has an attractive initial return.'
The property, which was completed in February 2012, combines different types of use over 24 floors and two storeys below ground. It is fully let – the average remaining lease term is 12.8 years. A Japanese hotel operator and a bank are the main tenants of the space owned by SEB Asset Management.
