SEB Immobilien-Investment GmbH is increasing its exposure in the Far East. SEB Asset Management's real estate investment company acquired the New City Tama Center in Tama, southwest of Tokyo, for its mutual fund SEB ImmoInvest (ISIN: DE 0009802306). The property was sold by New City Corporation. The total investment volume amounts to the equivalent of approximately €120 million.
The New City Tama Center.
The New City Tama Center is a reinforced concrete building that was constructed in 2003 and extensively renovated in October 2007. The gross floor space of 39,116 m² is spread across eight floors and two basement stories. The building is fully let. Major tenants include TEAC Corporation, Transcosmos Inc. and Mizuho Corporate Bank Ltd.
Tama, a city of 150,000 residents, belongs to Tokyo Prefecture and has excellent transport connections to the Japanese capital. Subway and metropolitan railway stations are within walking distance of New City Tama Center and the motorway feeder road is located immediately behind the building.
"The acquisition of the New City Tama Center allows us to take advantage of the recovery on the Japanese office real estate market, especially the excess demand for high-quality back office properties in the Tokyo catchment area ", explains Choy-Soon Chua, Managing Director for real estate investments at SEB Asset Management in Frankfurt.
SEB ImmoInvest has been investing in the Far East since 2006. The portfolio currently includes properties in Singapore, Shanghai, Osaka, Tokyo and Tama. The Fund is 12.43% invested in Asia, measured in terms of its real estate assets of €4.7 billion.