Real estate investment manager LaSalle Investment Management has acquired a 14-storey office building in Yokohama while GIC has partnered with German asset manager Caleus Capital Investors to invest in Berlin.
LaSalle acquires office building in Yokohama
Real estate investment manager LaSalle Investment Management has acquired a 14-storey large-scale office building Ocean Gate Minato Mirai located in Yokohama on behalf of a consortium of Japanese investors.
At Yokohama’s Minato Mirai 21 area, the city’s business and central core, the building was completed in July 2017 and is on the corner of Kokusai Odori, also known as Minato Mirai 21’s main street, and Keyaki Dori. The building has a floor area of approximately 900 tsubo (approx. 2975 m2).
“LaSalle considers medium- and large-scale office buildings in major cities as one of the excellent investment opportunities available in Japan,” said Ryota Morioka, Managing Director of LaSalle Investment Management, Japan in an announcement on Friday.
He further added that even as competition for core real estate in the city centre intensifies, LaSalle was able to acquire a high-quality large office building like Ocean Gate Minato Mirai to add to its investment portfolio.Further, the investor expects to continue with the acquisition and development of office buildings in the area.
The Yokohama Minato Mirai 21 area is a major business, shopping and tourism centre, attracting visitors and businesses. It is currently home to both global and Japanese corporations who have set up headquarters and branches offices in the area, and also hosts several business establishments and research and development (R&D) bases.
GIC partners Caleus to invest in offices in Berlin
Singapore’s wealth fund GIC has partnered with German asset manager Caleus Capital Investors to invest in offices in Germany’s capital Berlin.
According to media reports, the partnership’s vehicle, Caleus Capital Partners GmbH & Co. KG, will be investing in assets in Berlin with correctable impairments. On its website, it lists 2018 as the year when Caleus assumed investment management mandate for the investment vehicle Caleus Capital Partners, the vehicle with GIC.
Caleus, a partner owned real estate principal investment firm is Berlin-based and was founded in 2010 by Patrick Reich and Dr Ulrich Weber. It specialises in German commercial and residential real estate and its focus is on bottom-up investment opportunities.
“We seek to invest in assets that can be acquired at a discount due to identifiable and correctable impairments,” the German asset manager says on its website.