LimeTree Capital Partners, the Hong Kong-based private equity real estate firm, has made its first investment in Japan with acquisition of the Shiki hotel and apartments in Niseko, Japan.
Financial details of the acquisition were not disclosed.
The property has over 107,000 square feet of gross floor area consisting of 67 apartment units ranging from 1 to 3 bedroom unit sizes, retail space including the Michelin-starred restaurant Kamimura and is located in the very heart of Hirafu village in Niseko.
“Our investment in Shiki is a natural continuation from our beachfront land investment strategy of tourism-driven investments across Asia” said Ewan Munro, senior partner at LimeTree.
“With Japan’s government targeting a doubling in tourist arrivals to 40 million by 2020 and increasing further to 60 million by 2030 we expect government policy to continue to support the underlying investment thesis.”
The firm is planning future funds to capitalize on the asset enhancement and value-add opportunities in the hotel and residential investment space across Asia, including more in Japan.
LimeTree currently has around $1 billion of assets under management across 5 funds with specific focuses on emerging beachfront land locations across Asia, car parking assets in China and asset re-positioning opportunities in Asia’ leading branded destinations.
The firm was established in 2006 by former Deutsche Asset Management Asia chief executive James Goulding to focus on “under-researched asset classes” in Asian property. It has offices in Hong Kong, Shanghai and Bangkok.