Publications

- September 1, 2018: Vol. 10, Number 8

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Migrating whales: Japanese investors are making moves in global real estate

by Yukihiko Ito

Japanese outbound real estate investment, through both commingled funds and direct investments, has seen significant growth since 2016. In our latest survey of more than 120 Japanese institutional investors regarding overseas real estate investment, 73 percent are considering investment through real estate funds and 47 percent through direct investment. In addition, about 40 percent indicated interest in real estate debt. We observed the most interest in core/core-plus strategies, at 73 percent, with value-added at 32 percent and opportunistic at 20 percent. Investors showed the most interest in North American real estate, at 85 percent, followed by the United Kingdom and European Union at about 50 percent, and Asia and Australia receiving approximately 30 percent. For all of our surveys, investors could choose more than one answer.

According to JLL, Japanese investors’ total investment in overseas real estate in 2017 amounted to nearly US$3.5 billion, 70 percent more than

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