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Fosun makes first RE buy in Japan

The Chinese conglomerate has made its first direct real estate investment in Japan through its IDERA subsidiary. 

Chinese conglomerate Fosun has acquired Citigroup Centre Building, an office building in central Tokyo. This deal marks the first direct real estate investment made by the group since it acquired boutique Japanese private real estate firm IDERA Capital Management earlier this year.

IDERA refused to disclose the exact value of the deal. However, PERE understands that the transaction is between $100 million and $150 million.

Spread over 322,920 square feet, the property is a 25-story Grade A office building located in the Tennozu district of central Tokyo. It is part of Seafort Square, a waterfront area that also has retail shops, a theater and a hotel. 

CBRE Global Investors acted as the advisor for this investment. Tetsuya Fujita, managing director and country manager for Japan at CBRE Global Investors, told PERE that this opportunity fits well with Fosun’s plans to have a value-added strategy in Japan.

In May, the real estate unit of Fosun bought a 98 percent stake in IDERA in a bid to expand its overseas investments. Along with providing co-investment opportunities, IDERA also is tasked with sourcing and managing Fosun’s direct investments in Japan.