M&G Real Estate Asia makes $700m commitment to Japanese office market

M&G Real Estate has acquired the Minato Mirai Center Building, a prime-grade office building in Yokohama, Japan, for more than $700 million, on behalf of M&G Asia Property Fund.

The state-of-the-art building becomes the largest asset in the fund and is the latest in a series of deals in Japan, reaffirming M&G’s strong commitment to the region.

Located 27 kilometers (tk miles) south of Tokyo, the 95,220-square-meter (1.02-million-square-foot) building has one of the highest occupancy rates in the Minato Mirai submarket, with notable international and domestic tenants due to its direct access to Minato Mirai Station. Its 21 stories also offer optimum weight capacity to provide maximum layout flexibility and efficiency for occupiers.

Japan’s office sector remains resilient as the country emerges from the pandemic, with the majority of the country’s workforce opting to work from their offices, in contrast to its global peers. Located in Yokohama’