M&G Real Estate buys portfolio of assets in Japan
M&G Real Estate has acquired 12 residential properties and an office building in Japan as part of its strategy to improve long-term income and add diversification to its core Asia real estate portfolio. Terms of the transaction were not disclosed. The office asset, KR Toyosu, is a seven-story property in a relatively new and rapidly improving location, five subway stops from Tokyo station. Recently refurbished, the building has 100 percent occupancy with an established tenant. It has a total of 135,011 square feet of office space. The portfolio of 12 high-quality residential apartment blocks, known as Residential One, comprises a total of 745 homes spread across major cities mainly in west Japan. The acquisitions follow Japanese purchases by M&G Real Estate in Fukuoka and Osaka earlier this year. Japan now accounts for 17 percent of the firm’s core Asia real estate strategy, which is aimed at institutional investors.