Aviva Investors and Secured Capital acquire Meguro Place Tower in Tokyo
17 April 2012
(London): Aviva Investors and Secured Capital Investment Management (“Secured Capital”) today announced that the Tokyo Recovery Fund has purchased Meguro Place Tower / Meguro 1-6-17, Meguru-ku in Tokyo (Japan). This is the fund’s first acquisition since its first close in November 2011.
Meguro Place Tower is a 14-storey modern building completed in July 2009. It is comprised of 12 floors of office and 3 floors of retail with 44 basement parking spaces. The property is multi-let to 16 diversified tenants comprised predominantly of small to medium-sized enterprises and is currently fully occupied.
Ian Hally, CEO of Asia Pacific Real Estate and Portfolio Manager of the fund at Aviva Investors, said: “We’re delighted to have purchased this highly sought after property. The core of our Asian real estate strategy has always been to target high quality yet undervalued real estate in Asia’s developed markets. Meguro Place Tower is an obvious choice for the fund due to Tokyo’s on-going recovery of its commercial real estate sector and economy. To add to this, pricing is also currently very attractive compared to historic levels. As such, we’re confident of achieving our aim of delivering a stabilised distribution yield with upside in capital value.”
Naoya Nakata, Managing Director at Secured Capital, added: “We believe that current economic and real estate market conditions mean there are significant gains to be made from investments in quality office buildings in Tokyo’s central wards. Meguro Place Tower is a great example of just the kind of quality opportunities the fund is focused on. This investment is a strong demonstration of how our on-the-ground expertise in Japan’s under-valued commercial property sector can generate positive returns for investors.”
The fund, which was established by Aviva Investors’ Singapore-based Asia Pacific Real Estate team and Secured Capital, an expert in Japanese real estate, is managed by Ian Hally with Secured Capital acting as the asset manager.
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Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 17 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £263 billion at 31 December 2011.
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