Joint Venture to target Tokyo multifamily sector
TOKYO AND NORWALK, CN, May 25, 2011 /CNW/ - GE Capital Real Estate and
Aberdeen Asset Management PLC announce the launch of a $400 million
co‐investment vehicle called The Tokyo Residential JV. It will be used
to acquire residential investments in the Tokyo multifamily sector over
the next two years.
"This is another clear sign of our continuing confidence in the Japan
market," explained Mark Norbom, President & CEO of GE Japan. For GE
Capital Real Estate, the joint venture is part of a broader strategy of
putting its leading global real estate capabilities to work for
strategic partners and institutional investors.
Jon Lekander, Global Head of Indirect Investment Management for Aberdeen
Group, commented, "Until recently we've been investing in Asian
property primarily through third party funds. This partnership
illustrates Aberdeen's ability to leverage our relationship network in
Asia Pacific to tap unique opportunities like club deals and joint
"Tokyo residential represents an important segment for us and our
clients," said Jonathan Kern, President of GE Capital Real Estate
Global Investment Management. "Given our extensive experience in the
sector and domain knowledge, we're confident this is a meaningful
The JV, which was recently closed, is targeting studio and one bedroom
apartment properties in Tokyo. The sector has proven resilient
throughout the downturn, providing attractive risk‐adjusted returns.
Despite an overall decline in population in Japan, the population of
Tokyo continues to grow, making residential investments attractive with
stable occupancy demand.
"Aberdeen is an ideal partner for our investment program in Tokyo
multifamily residential, given its commitment to Asia," added Grace
Chang, General Manager Asia Pacific, GE Capital Real Estate Global
GE has been investing in real estate in Japan since 1998, and the recent
earthquake is expected to have no impact on this JV.
Aberdeen, which has been investing in Asian property since 2006,
committed to the joint venture on behalf of two Asia Pacific property
funds of funds and a separate account it advises.
Puay Ju Kang, Aberdeen's Head of Property, Asia Pacific, added, "We are
very pleased to find in GE a partner and manager with a wealth of
investment experience in the region, and one who shares our exacting
The Tokyo Residential JV is not available for investment.
About GE Capital Real Estate
GE Capital Real Estate (www.gecapitalrealestate.com) is one of the world's premier commercial real estate companies with
US$73 billion in assets and a presence in 31 markets throughout North
America, Europe, Asia and Australia. GE Capital Real Estate launched
its Global Investment Management business in 2008 to provide
third‐party investors access to GE's global investing capabilities and
expertise. Global Investment Management coordinates all capital raising
and investor relations activities, and develops and manages investment
vehicles offering attractive returns to investors.
For more information:
Aberdeen Asset Management PLC is an independently-run asset manager
listed on the London Stock Exchange since 1991, and operating from 30
offices in 23 countries. The company invests on behalf of institutional
and wholesale clients, primarily in equities, fixed income, alternative
investment strategies and property. As at 31st December 2010, the Group
had C$32.0 billion under management in property across segregated
mandates, open-end and closed-end funds, out of C$282.5 billion in
total assets. It manages indirect property assets from a number of
offices globally, with Asian investments under Aberdeen Asset
Aberdeen Asset Management ("AAM") is the marketing name in Canada for
Aberdeen Asset Management Inc, Aberdeen Fund Distributors, LLC., and
Aberdeen Asset Management Asia Ltd. Aberdeen Asset Management Inc is
registered as a Portfolio Manager in the Canadian provinces of Ontario,
Nova Scotia and New Brunswick. Aberdeen Asset Management Asia Limited
is registered as a Portfolio Manager in Ontario. Aberdeen Fund
Distributors, LLC operates as an Exempt Market Dealer in all provinces
and territories of Canada. Aberdeen Fund Distributors, LLC is a wholly
owned subsidiary of Aberdeen Asset Management Inc. Both Aberdeen Asset
Management Inc. and Aberdeen Asset Management Asia Ltd. are wholly
owned by Aberdeen Asset Management PLC.
For more information:
SOURCE Aberdeen Asset Management PLC
For further information:
Press contact: John Oliver, GE Capital Real Estate, +1 203 984 7757; firstname.lastname@example.org
Canadian Press contact: Mark Lidstone, Aberdeen Asset Management, email@example.com, +416 509 6335