Brookfield closes two Japan actual property offers for $1.6 billion

TOKYO (Reuters) – Canadian funding agency Brookfield Asset Administration (TSX:BAM) mentioned on Monday it has closed two real-estate investments in Japan price a mixed $1.6 billion.

The investments comprise a stake in Tokyo’s landmark Gajoen advanced, a mixed-use workplace, retail and luxurious lodge, and a 1 million sq. foot (93,000 sq. metre) plot within the outskirts of Nagoya, which shall be developed right into a logistics warehouse, Brookfield mentioned in a launch.

It’s the newest large-scale real-estate funding in Japan, as a weaker yen and availability of low cost financing have ramped up overseas investor curiosity within the sector.

Gajoen, situated in Meguro, Tokyo, is owned by the Chinese language sovereign wealth fund China Funding Corp (CIC), which purchased the property in 2015.

Brookfield didn’t state the dimensions of its stake in Gajoen.