M&G buys office asset in Yokohama, Japan
M&G Real Estate has acquired Minato Mirai Center Building (pictured), a prime-grade office building in Yokohama, Japan, for more than ¥100 billion (US$700 million) on behalf of its M&G Asia Property Fund. The state-of-the-art building is now the largest asset in the fund and is the latest in a series of M&G deals in Japan.
Located 27 kilometres south of Tokyo, the property has 21 floors comprising 95,220 square metres. The building has one of the highest occupancy rates in the Minato Mirai submarket, with notable international and domestic tenants given its direct access to Minato Mirai Station. The asset also has high floor loading of up to 800 kilograms per square metre, which is the highest in its class. This provides layout flexibility and efficiency to tenants.
Japan’s office sector remains resilient as the nation emerges from the pandemic with the majority of the country’s workforce opting to work from their offices, in contrast to its global pee