TH Real Estate completes debut investment in Japan
TH Real Estate has purchased a multi-use asset in Ginza CBD, Tokyo, representing its debut investment in the Japanese market, for $82 million.
The seller of Ginza 1 Chrome Building, a 49,000-square-foot, 13-story retail and office property, was Standard Life Investments Global Real Estate Fund on behalf of a client.
The property is comprised of nine floors of retail and four floors of office with basement parking. The property is multi-let to 10 diversified tenants, anchored by a Kimono shop, signed for a fixed long-dated lease, representing its flagship Ginza store.
“The property is strategically located on the corner site fronting Showa-dori, a major arterial road in Ginza, providing high traffic and visibility for retail tenants, while its close proximity to Nihonbashi CBD on the north and Shiodome CBD on the south draws strong demand for office tenants, underpinning our expectations for stable cash flow,” said Shu Watanabe, director of