SEB ImmoInvest adds Japanese office to Asian portfolio

SEB Immobilien-Investment has acquired the New City Tama Center in Tama, southwest of Tokyo, for its mutual fund SEB ImmoInvest. The total investment volume for the property sold by New City Corporation comes to EUR 120 mln.

The 39,116 m² New City Tama Center is an eight-storey office building that is fully let. Major tenants include TEAC Corporation, Transcosmos Inc. and Mizuho Corporate Bank.

'The acquisition of the New City Tama Center allows us to take advantage of the recovery in the Japanese office real estate market, especially the excess demand for high-quality back office properties in the Tokyo catchment area,' commented Choy-Soon Chua, managing director for real estate investments at SEB Asset Management in Frankfurt.

SEB ImmoInvest, part of SEB Asset Management, has been investing in East Asia since 2006. The portfolio currently includes properties in Singapore, Shanghai, Osaka, Tokyo and Tama. The fund is 12.43% invested in Asia, measured in terms of its real estate assets of EUR 4.7 bn.