11.03.2015 - Sovereign wealth funds bask in Japan’s rising sun
Some of the world’s largest institutional investors and sovereign wealth funds are flocking to Japan. In the latest big deal, Chinese sovereign wealth fund China Investment Corporation (CIC) reportedly splashed out about ¥140bn ($1.18bn) on Tokyo’s Meguro Gajoen complex, bought from Mori Trust, in a joint venture with LaSalle Investment Management. Foreign capital pumped ¥1trn ($8.4bn) into Japan’s property market in 2014 – 29% up on the year and the highest level since 2008, according to Real Capital Analytics. Tokyo has been the main focus of global capital targeting Japan. Buyers included Singapore sovereign wealth fund GIC, which paid $1.7bn for Pacific Century Place in the Marunouchi district of central Tokyo, and Blackstone, which bought a portfolio of apartments in Tokyo from GE Capital for $1.61bn...............................................Full Article: Source
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