MGPA buys two Tokyo office buildings
MGPA has acquired two office buildings in Tokyo – South Shin Otsuka building in Otsuka and Shinjuku TX building in Shinjuku - through its Asia–focused German fund MGPA Asien Speziafonds.
The fund bought 73% of the Shinjuku TX building, with the remainder held by a subsidiary of Tokyo Tomin Bank, it said in the statement. Ownership details for the South Shin Otsuka building were not disclosed.
"MGPA has for the last 12 months started investing again on behalf of both its opportunity Funds and Core plus Funds. The demonstrable value in the market combined with a seemingly real political will for change makes for an excellent investment climate," said Asia CEO John Saunders.
Completed in 1993, the South Shin Otsuka building is a Class B office building comprising 12 floors with 5,357 square meters of net rentable area. The Shinjuku TX building, also a Class B office building, was completed in 1990 and has 7,509 sqm of net rentable area.
In June last year, MGPA acquired eight office properties in Japan, all but one of them located in Tokyo. The investment was channeled through MGPA Asia Fund III and took the form of commercial mortgage-backed securities.
The MGPA Asien Spezialfonds reached a first close of EUR85 million ($111 million) in September 2012 and made its first investment last month - buying a Grade A office building in Perth.
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