Transactions - JUNE 19, 2014

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Invesco Office J-REIT buys Japanese office assets valued at $1.3b

by Andrea Waitrovich

Invesco Office J-REIT has acquired three office buildings in Japan for a total of ¥132.4 billion ($1.3 billion), based on a 100 percent valuation.

The largest transaction was Queen’s Square (Towers B and C) in Yokohama, a submarket of Tokyo. Invesco acquired a 21.5 percent partial interest in the 1.66 million-square-foot office tower and a 480-room hotel from SMFL, which will retain the remaining interest.

The sales price for the 21.5 partial interest was ¥14.49 billion ($142.22 million), reflecting a 100 percent valuation of ¥67.34 billion, or ¥40,594 per square foot  ($661.53 million/$399 per square foot).

The portfolio consists of The Yokohama Bay Hotel Tokyu, a 28-story full-service hotel, and the Queen’s Square. SMFL acquired the portfolio in March 2014 from Sumitomo Corp.

In addition, Invesco Office J-REIT purchased a partial interest in Ebisu

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