A group led by property investor Asia Pacific Land (APL) has put an aged but large office building in central Tokyo on sale, expecting to fetch more than 160 billion yen (US$1.3bil), three people with knowledge of the deal said. The group, which is taking advantage of a quick recovery of Tokyo’s property market, is expecting to sell the property to investors who would seek long term stable returns from properties, which include Japanese corporations and sovereign wealth funds, the people said.
Global sovereign wealth funds are expanding their presence in Tokyo as they seek stable returns from a city whose vacancy rates are falling and where office rents are expected to grow further. Last year Singapore’s sovereign wealth fund GIC Pte bought a Tokyo high-rise office tower for about 170 billion yen...............................................Full Article: Source
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