GE Offloads Japanese Office Assets
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The properties are located in Tokyo and other Japanese cities.
TOKYO—In separate transactions, GE Capital Japan has sold a total of 50 office properties here and in other major Japanese cities, according to published reports. PEREreported Thursday that Hong Kong-based investment management firm PAG had acquired a portfolio of 26 properties valued at approximately US$1 billion through its PAG Real Estate Partners fund. Separately, Nikkei Real Estate Market Report said that Ichigo Group Holdingshad acquired 24 office assets from GE Capital, in a deal estimated at 50 billion yen, or approximately US$403 million.
PAG partner Roderick Storie, who oversees PREP, said in a statement that the GE office portfolio, concentrated mainly in Tokyo, “sits squarely within the strategy’s objectives and provides an attractive income-driven return profile for our investors in one of Asia’s more compelling core markets.” The parent company is seeking to raise US$1 billion for PREP, which PERE describes as a pan-Asia core-plus fund…
GE Offloads Japanese Office Assets
