Commerz Grundbesitz Gruppe has signed the deed for the Commercial Mall Hakata in Fukuoka, Japan, a property with an investment volume of approximately €55 million. The shopping center, which has a gross lettable area of about 9,700 m², was sold by a subsidiary of Credit Suisse Asset Management.
The Fukuoka conurbation with its population of nearly five million is located on Japan's southern-most main island Kyushu. The property is located in the Hakata district, which has developed into a second downtown because of the main railway station and the international airport. The fully let mall has the character of a retail park, and borders one of the main arteries in this booming young city district. On the one hand, it benefits from customers residing in surrounding quarters, while on the other hand, it shows a high percentage of spontaneous shoppers due to the great traffic connections of the location.
"Japan is a very interesting real estate market for Commerz Grundbesitz Group, especially in the retail business sector. For the world's second largest economy is experiencing a substantial boom that in turn leads to an increase in consumer spending. That is why we see a great long-term potential for our investments in Japan, and why we will continue to expand out commitment in this country," says Dr. Frank Pörschke, Chairman of the Board of Managing Directors of Commerz Grundbesitz Gruppe.
Source: Commerz Grundbesitz