DEGI International has made its Japanese debut with the €90m (£73m) purchase of the La Porte Shinsaibashi retail property in Osaka.
The German open-ended fund manager, owned by Aberdeen Property Investors said the purchase from a special purpose company heralded the start of a strategy to increase its exposure to Asian property.
Malcolm Morgan, managing director at Degi said: ‘This investment marks our entry into Japan whilst increasing our exposure to the Asian property market. Our aim is to make further acquisitions in Japan and to build a diversified property portfolio that provides a stable basis for our involvement in Asia.’
He said: ‘We also plan to make investments in Asia’s dynamic growth markets, such as China and Singapore, where we see attractive opportunities for property investors.’
The 42,000 sq ft La Porte Shinsaibashi building was completed in December 2007. It is let to six retailers including Spanish fashion chain Zara.
DEGI was advised by CB Richard Ellis