Deka Immobilien has successfully sold an office and service building in the Hakusan High-Tech Park in Yokohama, Japan. The buyer is Godo Kaisha Hakusan, founded by a consortium of several Japanese institutional investors who acquired the property from the portfolio of the open-ended real estate fund Deka-ImmobilienGlobal. The purchase price was not disclosed.
The “German Industry Park” was built in 1987 and comprises a lettable area of around 15,600 sqm and 107 parking spaces. In addition to office space, the property offers flexible usage options for production, research, product presentations and warehousing. The offer is supplemented by a restaurant, a cafeteria and training rooms. The property is fully let to 24 users from industry, technology and manufacturing.
The property is located in the Hakusan High-Tech Park in Yokohama, the second largest city in Japan. The German Industry Park is considered a central point of contact for German companies seeking access to the Japanese market and the region. Transport links are excellent: Haneda International Airport is about 20 kilometres away, and the nearby train station offers a fast connection with the bullet train between Tokyo and Osaka every ten minutes.
According to the Japanese certification system CASBEE for green buildings, the property was rated four out of five possible stars.
With this transaction, the fund management is taking advantage of the good market situation in Japan after a holding period of more than 17 years to sell an older property as part of its active portfolio management. The fund plans to reinvest the liquidity gained through the sale in the near future in order to take advantage of countercyclical purchase opportunities. Over the entire holding period, investors make a significant profit from the sale.
