Straits Trading to acquire interest in Tokyo residential properties
By Angela Teo
/ EdgeProp |
On Jan 31, Singapore real estate firm The Straits Trading Company announced that Savills IM Japan Residential Fund GP – in which it has invested – is acquiring a stake in two residential apartments in Tokyo.
This involves the fund subscribing for about 881 million yen ($10.6 million) worth of shares in two property companies. The two companies will in turn enter into a silent partnership agreement with a Japanese company to acquire an indirect interest in the properties.
Completed in December 2017, the first apartment is located within Asakusabashi, a mixed commercial and residential district east of Tokyo. It is close to major transport node Akihabara station, which is on the Yamanote Line, according to Straits Trading.
Tokyo Tower and Minato district of Tokyo, Japan (Photographer: Akio Kon/Bloomberg)
The second property, which was completed in November 2017, sits within Narimasu, a precinct north of Tokyo. It is located within walking distance of Chikatetsu-Narimasu station on the Tokyo Metro Fukutoshin-Yurakucho Line, says Straits Trading.
The acquisition is in line with Straits Trading’s plans to redeploy capital from existing property portfolio of high-quality, low-yielding investment properties to real estate with potentially higher returns, says the company.
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