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 ventures."

"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 opportunity."

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 Investment Management.

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 investment approach."

The Tokyo Residential JV is not available for investment.

About GE Capital Real Estate

GE Capital Real Estate ( 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.

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About Aberdeen

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 Management Asia.

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.
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SOURCE Aberdeen Asset Management PLC

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Press contact: John Oliver, GE Capital Real Estate, +1 203 984 7757; 

Canadian Press contact: Mark Lidstone, Aberdeen Asset Management,, +416 509 6335

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Aberdeen Asset Management PLC

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GE Capital Real Estate

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