Sovereign Wealth Funds Fuel Japanese Real Estate Boom

February 13, 2015 by Loch Adamson

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The interior of the Meguro Gajoen complex in Tokyo. China Investment Corp. and LaSalle Investment Management bought the property in January 2015 for ¥140 billion ($1.2 billion). Attracted by cheap financing and rising rents, sovereign wealth funds have poured billions of dollars into Japan’s property market in recent months. But with prices on the rise and competition fierce, the window of opportunity to invest in Japanese real estate may be closing. Set amid luxuriant gardens in southwest Tokyo, the Meguro Gajoen office, hotel and leisure complex is one of Japan’s most sought-after wedding venues. But the site has also been in demand among foreign investors — and sovereign wealth funds have led the chase. On January 31, 2015, China Investment Corp. (CIC) beat off strong competition to buy the property from local real estate developer Mori Trust , teaming up with LaSalle Investment Management , a subsidiary of…

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