Deka Immobilien GmbH has sold the TK Shinbashi office and retail building in Tokyo for the equivalent of approximately €44 million.
The property was acquired in 2004 and held by the Deka S-Property No.1 individual property fund. It has now been sold to a Japanese REIT. Constructed in 1998, the building has nine floors with net lettable space totaling around 5,200 m². Some 3,800 m² in the building are offices, with 1,000 m² of retail space and 400 m² for residential use. PFU, a Fujitsu subsidiary, and publishers Orange Page are the main tenants. The property is located in the city center Minato-ku ward and boasts excellent local transport links.
Deka Immobilien GmbH has exploited an opportunity which presented itself in the office property market of Japan’s capital city to sell the TK Shinbashi Building. The investment fund has also benefited from a favorable exchange rate trend since it originally acquired the property and as such generated profit for the fund investors.