LOS ANGELES – May 11, 2015 – As part of their acquisition efforts on behalf of institutional investors, CBRE Global Investors and Universal-Investment have acquired an office building in Osaka, Japan, for an institutional special real estate fund administered and managed on behalf of Bayerische Versorgungskammer (BVK), one of Germany’s biggest institutional investors. The investment volume is in the triple-digit million euro range.
Built in 1994, the office building has a gross rentable floor area of about 30,000 square meters and enjoys a diversified, high-quality tenant base. It is situated on Midosuji Street in Osaka’s central business district with excellent access to the city’s main subway lines and within walking distance of the famous Shinsaibashi shopping and entertainment district. Osaka, located in southern Japan, is the country’s third-largest city with 2.6 million inhabitants and one of the country’s main ports. The landmark 21-story property was sold by Seiko Epson Corporation, listed on the First Section of the Tokyo Stock Exchange.
“German institutional investors are expanding and internationalizing their real estate allocations next to their traditional German investments. Alongside U.S. real estate assets, Asian properties are particularly sought-after right now,” said Alexander Tannenbaum, Managing Director at Universal-Investment in charge of the Real Estate division. At present, about 12 percent of the roughly EUR 3 billion in real estate assets administered through Universal-Investment’s platform are invested in Asian properties.
Tetsuya Fujita, Japan Country Manager for CBRE Global Investors, 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.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $87.1 billion in assets under management* as of March 31, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 52,000 employees in more than 370 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
With fund assets in excess of about EUR 250 billion under administration, thereof EUR 218 billion in own vehicles, over 1,000 funds and investment mandates and a workforce of around 550, Universal-Investment is the largest independent investment company in German-spoken Europe. The focus lies on the efficient and transparent administration of funds, securities, real estate and alternative asset classes. Universal-Investment is the central platform for independent asset management and combines the investment expertise of boutiques, private banks, international asset managers and investment firms to offer an exceptional collection of first-class private label funds. Universal-Investment was founded in 1968 as subsidiary of several well-known private banks. The company is headquartered in Frankfurt/Main and has subsidiaries and holdings in Luxemburg and Austria. As pioneer of the investment industry Universal-Investment is now market leader in the areas of master-KVG and private label funds. Members of the management board are Oliver Harth (deputy spokesman), Markus Neubauer, Stefan Rockel, Alexander Tannenbaum and Bernd Vorbeck (spokesman of the management board). (As per 31 March 2015)
More information on www.universal-investment.com.