BlackRock helps revive Japan's property market
J-Reits' 2.23 trillion yen acquisitions in 2013 almost triple previous year's deals
[TOKYO] BlackRock Inc, the world's biggest money manager, is helping to drive a revival in Japan's property market as investors bet Prime Minister Shinzo Abe's plan to sustain economic growth will boost real estate returns.
BlackRock is looking for investments outside of Tokyo this year as it seeks higher yields, said John Saunders, managing director and head of Asian real estate. Japan real estate investment trusts (J-Reits) acquired properties worth 2.23 trillion yen (S$27.6 billion) in 2013, almost triple the previous year, after raising a record amount of cash from equity sales, according to the Association for Real Estate Securitization.
Real estate investment has climbed since Mr Abe pledged to end more than a decade of deflation and the Bank of Japan (BOA) eased monetary policy, sparking growth in commercial land values and a drop in office vacancy rates.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further, as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
Lucrum Capital looks to sell Killiney hotel site for S$195 million
US 30-year mortgage rate rises to five-month high of 7.24%