CBRE Global Investors, the Los Angeles-based real estate investment manager, has teamed up with Frankfurt-based asset manager Universal-Investment to buy a 300,000 square foot office in Osaka, it was announced today.
The seller of the 21-story property was Seiko Epson Corporation, a Japanese electronics conglomerate that is listed on the First Section of the Tokyo Stock Exchange.
In a statement by Universal, the firm said the partners had acquired the asset in a deal valued “in the triple-digit million euro range”. The German firm, which manages more than €250 billion in fund assets, said it had acquired the office on behalf of Bayerische Versorgungskammer, the Bavarian state investor.
Alexander Tannenbaum, who leads Universal’s real estate division, said the transaction was representative of German institutional investors “expanding and internationalizing their real estate allocations”. He said: “Alongside US real estate assets, Asian properties are particularly sought-after right now.”
Universal currently manages about €3 billion of real estate, but only about 12 percent of that is in Asia.
Marius Schöner, country manager for Germany, CBRE GI, added: “This marks the fifth investment CBRE Global Investors has made for BVK globally and the first in Asia since being selected as their investment manager for this global mandate.”
“We were able to leverage our global network to source this landmark office building in central Osaka to further diversify BVK’s portfolio.”
CBRE GI managed $90.6 billion of real estate assets as of December 31, 2014.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
