Grosvenor purchases luxury apartment complex "Park Habio Tower" in Azabu, Tokyo, expands investment in and development of luxury residential properties in Japan and Asia

Grosvenor Asia Pacific, the regional proprietary arm of the international property group Grosvenor, has acquired Park Habio Azabu Tower, a 102-unit luxury residential complex located in Higashi Azabu, Tokyo.

13th March 2013

Grosvenor Asia Pacific, the regional proprietary arm of the international property group Grosvenor, has acquired Park Habio Azabu Tower, a 102-unit luxury residential complex located in Higashi Azabu, Tokyo.

The property, completed in February 2009 by Takenaka Corporation, was purchased in a joint venture on January 25 2013. The acquisition, following that of Roppongi Arents and The Mark Minami Azabu in 2011 and 2012 respectively, adds to Grosvenor’s portfolio of assets in Japan and Asia, and is part of the group’s strategy to expand investment in and development of luxury residential properties in the region.

The Azabu area of Tokyo is renowned for its lush green living environment, great convenience and amenities, and a blend of history and culture. Park Habio Azabu Tower is situated only a 4-minute walk from Akabanebashi Station and a 9-minute walk from  Zabujuban Station. With Tokyo Tower and Shiba Park nearby, the property offers panoramic views across Tokyo in a natural setting at the heart of the city.

As a leader in the investment in and development of luxury residential property in Tokyo since 2001, Grosvenor has a strong history in Japan in design, quality, and property management. In 2008 it completed the 45-unit low-rise luxury apartment building Grosvenor Place Kamizono-Cho; the property currently commands the highest rents in Tokyo. Roppongi Arents, a 99-unit luxury apartment building located adjacent to Roppongi Hills and purchased by Grosvenor in October 2011, has been undergoing major renovations since January 2013 and is scheduled for reopening in autumn/fall of this year.

Koshiro Hiroi, Managing Director of Asia Pacific Development and Chief Representative Japan, commented, “We are delighted to have acquired this apartment building in such a prime downtown Tokyo location at an opportune time in the market cycle. With the Japanese economy and the property market expected to rebound strongly, leading to increasing property values within the Japanese luxury residential sector, we are confident our focus on value-add luxury residential development will prove well founded.”

Elsewhere in Asia, Grosvenor has recently jointly acquired Monterey Court in Jardine’s Lookout, one of Hong Kong’s most prestigious residential districts. Together with their partners, they plan to redevelop the 20-storey building into a landmark luxury residence, and have appointed Paul Davis + Partners, whom Grosvenor also worked with on Grosvenor Place Kamizono-Cho, to undertake project design. The development is expected to be complete by early 2017.

ENDS

For more information contact:
Naomi Curtis/Sorrel Basher, Press Office
Grosvenor
020 7312 6479/6101
pressoffice@grosvenor.com

Notes to Editors

About Park Habio Azabu Tower

Park Habio Azabu Tower (8-4 Higashi Azabu 1-chome, Minato-ku, Tokyo) is a 27-floor luxury apartment tower with 13,448 m2 of floor space that was completed in 2009. The property has a total of 102 units, with 99 designed for living space and 3 for commercial use. The residential units, with layouts varying from studios to 4-bedroom units, range in size from 56 to 187 m2 to meet a variety of needs. Situated a 4-minute walk from Akabanebashi Station on the Toei Oedo Line, a 9-minute walk from Azabujuban Station on the Tokyo Metro Nanboku Line and Toei Oedo Line, and also a 9-minute walk from Kamiya-cho Station on the Tokyo Metro Hibiya Line, Park Habio Azabu Tower is in an extremely convenient location with Shiba Park, Tokyo Tower, famous restaurants, and supermarkets all nearby, giving the property great appeal as a residential location.

About Grosvenor Place Kamizono-Cho

Grosvenor Place Kamizono-Cho (3-3 Yoyogi Kamizono-cho, Shibuya-ku, Tokyo) is a low-rise luxury apartment building located adjacent to Yoyogi Park. The property is 5,701 m2 in size, and the apartment building has 4 floors above ground and 3 below ground. The immediate area encompasses Omotesando and Shibuya and offers the conveniences of downtown while providing a quiet and secluded living environment surrounded by greenery. The apartment building has a total of 45 units with a total floor area of 18,082 m2, and each apartment offers ample living space with floor layouts ranging from 154 to 363 m2. Paul Davis, a leading English architect with a wealth of experience in the design of luxury homes, and Yasui Architects & Engineers Inc. were responsible for the design concept of this property. Grosvenor Place Kamizono-Cho consistently maintains a high occupancy rate with foreigners comprising approximately sixty percent of the residents, while the remaining forty percent are Japanese. Over fifty percent of the entire resident population is made up of corporate CEO class residents.

About Roppongi Arents

Roppongi Arents (16-11 Roppongi 6-chome, Minato-ku, Tokyo) is a 99-unit luxury apartment building that was completed in July 2003. The property is 4,440 m2 in size and is located adjacent to Roppongi Hills. The apartment building has 14 floors above ground and one basement level and is located in an area that blends two unique urban characteristics including the “hustle and bustle” of Roppongi and the “tranquility” of Motoazabu. The spacious grounds blends rows of cherry blossom trees with lush greenery. Roppongi Arents also offers 24-hour concierge service, a fitness room, and underground parking that can accommodate large vehicles and sports cars. The property is scheduled to open in autumn/fall 2013 after undergoing complete renovation.

About Monterey Court

Monterey Court (46-48 Perkins Road, Jardine’s Lookout, Hong Kong) is a 20-storey luxury apartment building located in Jardine’s Lookout, one of Hong Kong’s most prestigious residential districts. The building was acquired in 2012 in joint venture with Asia Standard International Group Limited and Couture Homes Limited. The partners plan to redevelop the existing property into an iconic super-luxury residential building with GFA of over 75,000 sq ft and spacious individual units offering outstanding views over the surrounding area.

About Grosvenor

Grosvenor Group Limited (Grosvenor) is a privately owned property group with offices in 18 of the world’s most dynamic cities. The Group operates and invests in three different business areas; direct proprietary investment in real estate through our Operating Companies in Britain & Ireland, the Americas and Asia Pacific; indirect proprietary investment in real estate managed by others, which is the responsibility of the holding company; and our international fund management Operating Company - Grosvenor Fund Management - which manages capital on behalf of investors. As at 31 December 2011, the Group had total assets under management of £12.5bn.

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