Angelo Gordon sells ¥58.6bn of Japanese assets

The New York-based alternative investments firm has sold two real estate properties in Tokyo for a total of ¥58.6 billion (€433.62 million; $497.24 million).  

Angelo, Gordon & Co, the New York-based alternative investments firm, has sold two real estate properties in Japan acquired originally via its AG Asia Fund II, for a total of ¥58.6 billion (€433.62 million; $497.24 million).

PERE understands that the firm sold Aoyama Bell Commons, a former retail facility in Tokyo to the Japanese real estate developer Mitsubishi Estate for ¥24.3 billion, a transaction that was completed in January this year.

Located in Minato-ku in Tokyo, the facility has a gross floor area of 150,694 square feet, and mostly consisted of retail shops before it was shut down in March last year. In June, Angelo Gordon acquired the facility from Dai-ichi Life Insurance, along with also buying an office building close to it, and created a development site.

This sale was preceded by the sale of the Kioicho Building, a mixed-use building in Tokyo to the Mori Trust Sogo Real Estate Investment Trust (REIT) for ¥34.3 billion. Mori Trust Sogo REIT acquired a 75 percent ownership interest in the 26-floor building, which consists of offices, residential apartments and retail facilities, with a gross floor area of 645,834 square feet.

The AG Fund II, the firm’s second opportunistic real estate vehicle in Asia, for which the firm raised $616 million at its final close in 2010, is fully invested in seven real estate deals and is now in the process of exiting its investments.

In July last year, the firm launched its ninth opportunistic real estate vehicle with a target of $1.5 billion. AG Realty Fund IX will make investments in underperforming and distressed assets in the US, European and Asian markets.

Globally, the firm has acquired $13 billion worth of properties since it was founded in 1993.