{"id":1004090981,"date":"2014-02-10T07:35:03","date_gmt":"2014-02-10T15:35:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004090981"},"modified":"2022-12-07T16:06:34","modified_gmt":"2022-12-08T00:06:34","slug":"seb-asset-management-pays-54m-for-tokyo-office-building-sells-singapore-office-asset-for-228m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/seb-asset-management-pays-54m-for-tokyo-office-building-sells-singapore-office-asset-for-228m\/","title":{"rendered":"SEB Sells Singapore Office Asset for $228M; Pays $54M for Tokyo Office Building"},"content":{"rendered":"<p><i>By Eliza Theiss, Associate Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/Primegate.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004091048\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/seb-asset-management-pays-54m-for-tokyo-office-building-sells-singapore-office-asset-for-228m\/primegate\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/Primegate.jpg\" data-orig-size=\"300,200\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Primegate\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/Primegate.jpg?w=300\" class=\"alignleft size-full wp-image-1004091048\" alt=\"Primegate\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/Primegate.jpg\" width=\"300\" height=\"200\" \/><\/a><\/p>\n<p>SEB Asset Management, the real estate arm of SEB Group, has kicked off 2014 strongly with several notable transactions, especially in the Asia-Pacific commercial real estate market.<\/p>\n<p>In its most recent deal, SEB Asset Management purchased the 38,427-square-foot Primegate mixed-use office building in Tokyo. Paying $54.2 million (JPY 5.5 billion) for the 10-story building, SEB picked up the asset for SEB Asian Property Fund II SICAV-SIF, an investment fund specialized in Asian real estate under Luxembourg law, country to which a fund management laws adheres.\u00a0 The building\u2019s main draw comes from its location &#8211; just one minute\u2019s walk from the Takadanobaba\u00a0train station in Shinjuku, one of Tokyo\u2019s five central districts. Takadanobaba\u00a0is one of the busiest stations of the Japanese capital, being served by three lines for a total daily passenger volume of 210,000.<\/p>\n<p>\u201cIn addition to its excellent location and above-average building quality, this property\u2019s main compelling feature is its broadly diversified tenant structure,\u201d said Choy-Soon Chua, managing director, SEB Investment GmbH, SEB Asset Management Asia.<\/p>\n<p>Primegate has 13 tenants and a close to full occupancy rate; 21,689 square feet are taken up by retail and restaurant space, while the remaining 16,738 square feet is office space.<\/p>\n<p>The purchase comes after Choy-Soon Chua disclosed that the company\u2019s main focus has become Japan, due to the market\u2019s superior upturn in the APAC region.<\/p>\n<p>\u201cGiven the strong macroeconomic data, long-term investors now have an excellent opportunity to generate reliable risk-adjusted income in the region,\u201d said Chua after SEB completed the sale of its stake in the 37-storey Springleaf Tower in Singapore\u2019s CBD.<\/p>\n<p>SEB\u2019s interest was comprised by 12 strata title stories featuring more than 106,000 square feet of Class A office space, which brought in $228 million (SGD 289 million) of sale proceeds. SEB sold the asset off floor by floor to multiple undisclosed Chinese companies. SEB earned a significant profit from the sale, as it paid 30 percent less or about $177 million (SGD 225 million) for the stake in 2007 upon purchasing it from Macquarie Global Property Advisors for its SEB Asian Property Fund. The sale wrapped up a longer disposition period of the asset \u2013 at the beginning of 2013, SEB had divested 54 percent or more than 111,000 square feet of its interest in Springleaf\u2019s office component.<\/p>\n<p>Located in the CBD of the Shenton Way submarket, the 2002-built, 541-foot skyscraper is a mixed-use office tower with a tenure of 99 years starting in 1996. It also features a residential component described as service apartments on the tower\u2019s website. Springleaf is located a few minutes\u2019 walk from several mass transit options, such as the Tanjon Pagar Mass Transit station and offers quick access to the area\u2019s shopping, entertainment, education,\u00a0 art and worship options.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEB Asset Management, the real estate arm of SEB Group, has kicked off 2014 strongly with several notable transactions, especially in the Asia-Pacific commercial real estate market.  <\/p>\n","protected":false},"author":49,"featured_media":1004091048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21783,21752,21742,21747],"tags":[],"class_list":["post-1004090981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-investment","category-mixed-use","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEB Sells Singapore Office Asset for $228M; Pays $54M for Tokyo Office Building - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/seb-asset-management-pays-54m-for-tokyo-office-building-sells-singapore-office-asset-for-228m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEB Sells Singapore Office Asset for $228M; Pays $54M for Tokyo Office Building\" \/>\n<meta property=\"og:description\" content=\"SEB Asset Management, the real estate arm of SEB Group, has kicked off 2014 strongly with several notable transactions, especially in the Asia-Pacific commercial real estate market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/seb-asset-management-pays-54m-for-tokyo-office-building-sells-singapore-office-asset-for-228m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-02-10T15:35:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T00:06:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/Primegate.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/seb-asset-management-pays-54m-for-tokyo-office-building-sells-singapore-office-asset-for-228m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/seb-asset-management-pays-54m-for-tokyo-office-building-sells-singapore-office-asset-for-228m\/\",\"name\":\"SEB Sells Singapore Office Asset for $228M; 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