Grosvenor Bullish on Japan
London based Grosvenor Group one of the world’s largest privately-owned property groups announced the acquisition of a prime retail asset in Tokyo.
Grosvenor Asia Pacific, the regional operating company of the Grosvenor Group, has acquired retail asset Namikikan Ginza. The move signals the expansion of its investment and development portfolio in Tokyo into the retail sector, the firm said in a press release.
With the 2020 Olympic Games on the horizon and plans for integrated casino resort developments in the pipeline in Tokyo, investors in Asia still see value in Japanese real estate.
Chinese Driving Growth
UBS Asset Management’s Real Estate & Private Markets business recently announced the launch of a $400 million new initiative to invest in the Japanese hotel sector.
This strategy will focus on securing value-add and development opportunities in key metropolitan and regional areas such as Tokyo, Osaka, Nagoya, Fukuoka and Hokkaido, amongst others.
Tourist arrival numbers to Japan reached an historical high of 24 million in 2016 and are expected to hit 40 million by 2020, with Asian tourists particularly those from China, being the main driver behind this growth as the emerging middle class continues to propel regional tourism.
