AmProp bags third property project in Japan

PETALING JAYA: Amcorp Properties Bhd (AmProp), co-investment partnership with Grosvenor Asia Pacific Ltd and Nan Fung, has acquired 14 office and three retail units totalling about 39,000 sq ft comprising about 8% of net rentable area in a 44-storey residential cum commercial high rise building in Tokyo.
The partnerships invest in high-end residential value-add and development projects as well as commercial value add projects in Japan’s bustling capital.
Its maiden investment was in a residential block known as Forest Nanpeidai located in Shibuya-ku in January 2015, while its second property was in Minato-ku in May 2015.
Located in Nishi Shinjuku, which is also known as the Skyscraper City of Tokyo, the properties enjoy good connectivity with Tochomae subway station connecting it to the main Shinjuku station.
It is anticipated that on-going redevelopments in the vicinity led by large Japanese developers such as Mitsubishi Jisho Residence and Sumitomo Realty would enhance the value of the properties.
With the acquisition, Amprop’s investment in Japanese real estate is close to ¥2.9 billion (RM 102.2 million).
Amprop made its foray into the Japanese market when it entered into a co-investment agreement in April 2014 with Grosvenor and Nan Fung.