Transactions - AUGUST 3, 2015

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PAG to buy Japanese portfolio for $1b

by Andrea Waitrovich

PAG Real Estate Partners, a $1 billion pan-Asia core-plus real estate fund managed by Hong Kong–based PAG, is under contract to purchase a 26-property portfolio from GE Capital Real Estate. An official announcement has not been released; however, Real Capital Analytics estimates the sales price to be approximately $1 billion.

The portfolio consists of high-quality office buildings in Tokyo.

PAG is an investment management firm that merged with Japan-focused private equity real estate firm Secured Capital in 2011. PAG Real Estate Partners launched in 2014, and its capital will be invested in core assets with strong cash flows in nine gateway cities across Asia. 

The sale is part of GE Capital’s global strategy of exiting its equity real estate holdings. In November 2014, GE Capital sold a residential portfolio consisted of 200 properties in Japan to The Blackstone Group for more than $1.5 billion.

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