Japan: PGIM Real Estate acquires J-Tower, Toyobo Building for undisclosed sum

Toyobo

PGIM Real Estate has acquired J Tower in Tokyo and Toyobo Building in Osaka for an undisclosed amount, bringing its total assets acquired in Japan over the last 14 months to around $808 million.

J-Tower is an 18-storey office building with a three-storey office annexe in Fuchu city, a suburban area near Tokyo’s central business district. Meanwhile, the 13-storey Toyobo Building is in central Osaka, Japan’s second-largest city. The property was constructed in 1980 as the headquarters of Toyobo, one of the largest textile firms in Japan. It is currently one of the largest office submarkets in Osaka with around 36,000 square metres of office space, a cafeteria and a convenience store.

“Low vacancy rates, strong tenant demand and limited office supply in Tokyo and Osaka, against a favorable economic backdrop for Japan overall, provide a compelling rental growth and stable income opportunity for our investors,” said Benett Theseira, head of Asia Pacific for PGIM Real Estate.

Over the past 14 months, it made three acquisitions in Tokyo including B-Town (a three-storey, multi-tenant asset acquired in June 2017), Jingumae 6 (a multi-tenant retail anchored redevelopment acquired in December 2017) and Italian Cultural Institute Building (an office building acquired in October 2016).

PGIM Real Estate is the real estate investment arm of PGIM, the $1 trillion global investment management businesses of NYSE-listed Prudential Financial Inc. PGIM recorded gross assets under management of $69 billion as of September 30, 2017.

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Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.