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CapitaLand pays $436m for Tokyo property portfolio

by Andrea Waitrovich

CapitaLand Mall Asia has acquired a portfolio of four income-producing office and retail properties in Japan’s Greater Tokyo Area for $436 million, which increases its total asset size in Japan to approximately $1.76 billion. The seller was not disclosed.

The portfolio comprises two office buildings in Yokohama — Yokohama Blue Avenue and Sun Hamada; Kokugikan Front, an office building in Tokyo; and Seiyu & Sundrug, a shopping mall in Saitama.

The acquisition will be financed by a combination of internal funds and borrowings. It is expected to be completed in first quarter 2017.

CapitaLand Mall Asia currently owns and manages four shopping malls in Japan, located in Tokyo and Kobe. It also owns and manages 46 properties with more than 3,500 apartment units in Japan through its wholly owned serviced residence arm, Ascott Ltd.

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