ING Real Estate has announced that its Asia Retail Fund ("the Fund" or "ARF") has acquired the Morioka Minami shopping center. Located in the southern suburb of Morioka, a capital city of Iwate Prefecture to the Northeast of Honshu island in Japan, the shopping center is a single-story multi-tenanted retail center completed in December 2006. Anchored by a regional supermarket operator, it is currently 96% occupied, by a further 19 different tenants.
Commenting on the acquisition, Dr. Robert Lie, CEO of ING Real Estate Investment Management Asia, stated, "We are very pleased to have acquired the Morioka shopping center which is an ideal addition to the portfolio of our recently launched Asia Retail Fund. Japan is an important market for us and this new property enhances the quality of the Asia Retail Fund's portfolio."
Mr. Hidetoshi Ono, Country Manager of ING Real Estate Investment Management Japan, stated, "With ING Real Estate's retail track record and our Fund Management Team's broad retail experience, we are confident that ING Real Estate will continue to ensure excellent asset management, further improve tenant satisfaction, and continue to contribute to the local community."
Dr. Lie added, "We see Japan as an attractive growth market for ING Real Estate to invest in. This transaction demonstrates our team's capability in sourcing good acquisitions in this competitive market and we anticipate that there will be more attractive opportunities for us in this market."
With a total gross leasable area of 14,456 m², Morioka Minami is a neighbourhood shopping center with a strong local function. The area has a growing population and a strong, well-defined catchment area.
Source: ING Real Estate