PGIM Real Estate has expanded its investments in Japan with the acquisition of two office buildings.
PGIM Real Estate, which didn’t disclose any financial details, said it bought J Tower in Tokyo and the Toyobo Building in Osaka, on behalf of institutional investors.
J Tower in Tokyo, is an 18-story office building with a three-story office annex. The property has about 34,000sqm of lettable space.
The 13-story Toyobo Building is in central Osaka. It has around 36,000sqm of office space.
Benett Theseira, head of Asia Pacific for PGIM Real Estate, said: “Low vacancy rates, strong tenant demand and limited office supply in Tokyo and Osaka, against a favourable economic backdrop for Japan overall, provide a compelling rental growth and stable income opportunity for our investors.”
Theseira said the successful execution of these off-market investments showcases the company’s ability to find value in competitive markets.
“Both assets offer a unique value proposition to our investors, along with stable, long-term income,” Theseira said.
PGIM Real Estate latest transactions follow three other acquisitions in Japan over the past 14 months. The company previously acquired B-Town, Jingumae 6 and the Italian Cultural Institute Building.
PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial.
