Fund makes new investment in Tokyo

Norges Bank Investment Management has signed an agreement to acquire a 39.9 percent interest in a part of the Otemachi Park Building, an office-complex located in Tokyo, in a joint venture with a new partner, Mitsubishi Estate.

5 March 2020

The agreement was signed on 5 March 2020, with completion expected on 24 March 2020.

Mitsubishi Estate currently owns 100 percent of the building and intends to separate the ownership into two strata titles of 41.8 percent and 58.2 percent respectively. Mitsubishi Estate will retain full ownership of the former, while selling part of the latter. Norges Bank Investment Management will pay 79.7 billion JPY for a 39.9 percent interest in the strata-title for sale, valuing it at 199.7 billion JPY. Norges Bank Investment Management plans to finance 12.6 percent of the acquisition with a bank loan.

Two Mitsubishi Estate affiliated companies, Nippon Open Ended Real Estate Investment Corporation and Japan Real Estate Investment Corporation, will each acquire 5 percent of the same strata-title. Mitsubishi Estate will retain the remaining 50.1 percent share of the strata-title.

Mitsubishi Estate will perform the asset and property management of the property on behalf of the joint venture.

The property is located in Otemachi, in the Marunouchi office submarket in Tokyo. In total, it comprises 72,744 square meters of office space, 1,544 square meters of retail space and 14,140 square meters of serviced apartments.

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Line Aaltvedt
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Photo credit: Mitsubishi Estate