Grosvenor acquires majority stake in "Opus" luxury apartment building, expands its investment portfolio in Japan and Asia

Grosvenor Asia Pacific, the regional proprietary arm of the privately owned international property investment and development group Grosvenor, has acquired a majority stake in the luxury apartment complex Opus Arisugawa Terrace and Residence (“Opus”), in Tokyo, Japan.

20th January 2014

Grosvenor Asia Pacific, the regional proprietary arm of the privately owned international property investment and development group Grosvenor, has acquired a majority stake in the luxury apartment complex Opus Arisugawa Terrace and Residence (“Opus”), in Tokyo, Japan.

The property, completed in 2004 by Centro Corporation and Sumitomo Corporation, adds to a growing investment portfolio for Grosvenor in the region which includes Grosvenor Place Kamizono-cho, situated in Yoyogi Park, and The Mark Minami-Azabu. Grosvenor will take 100% ownership of 77 of the building’s 99 residential units; the acquisition is part of Grosvenor’s strategy to grow their portfolio of core assets in Japan and Asia for stable income generation, and complements the expansion of their luxury residential development programme which recently saw the launch of The Westminster Roppongi, situated adjacent to Roppongi Hills.

Opus is located in Minami Azabu, an area particularly well suited to expatriates stationed in Japan, with the Arisugawa-no-miya Memorial Park and numerous foreign embassies, international schools and supermarkets all situated nearby.

Grosvenor has been investing in the residential sector of Tokyo since 2001 and has built a reputation in Japan for its exceptional standards in modern, international design. In 2008, the company completed Grosvenor Place Kamizono-cho, a low-rise luxury apartment building comprising 45 units which it developed in joint venture with Tokyo Tatemono; the property now commands premium rents for the area. The Mark was acquired in early 2012, and in December 2013 The Westminster Roppongi, consisting of 99 units over 14 floors, was launched adjacent to Roppongi Hills;the project has already sold units in Hong Kong and Taiwan, as well as domestically.

On Grosvenor’s growing investment in Tokyo, Koshiro Hiroi, Managing Director of Grosvenor Asia Pacific and Chief Representative, Japan, said, “We are seeing increased interest from a growing number of global institutional investors seeking to increase their exposure to Tokyo amid rising market sentiment. We expect the much improved economic outlook, weak yen, accommodative bank lending and rising inflationary expectations to translate into better investment confidence among both local and foreign buyers, leading to ongoing price
appreciation.

“Further, the successful Olympic bid will help to supplement the cyclical recovery already taking place through infrastructure investment – with multiplier effects on construction and building related industries – better business conditions, tourism and, of course, consumer sentiment. With all these factors considered, we see this as the perfect time in the market cycle to step-up investment in the city.”

Nick Loup, Grosvenor Asia Pacific Chief Executive, also commented, “We are extremely pleased with the acquisition of Opus, having also acquired The Mark in 2012, and intend to continue expanding our investments in Tokyo in the near future. Indeed, Tokyo now presents a compelling argument for being as significant an investment destination in Asia as London is in the West: both cities provide a broad and exciting range of lifestyle options, be it cultural, recreational or culinary, and the Tokyo residential market is also highly liquid, providing a safe haven to investors given the freehold status within the context of a strong legal framework.”  

ENDS

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

Notes to Editors

About Opus Arisugawa Terrace and Residence
Opus Arisugawa Terrace and Residence (“Opus”) (5-4-1 Minami Azabu, Minato-ku, Tokyo) is a 99-unit luxury apartment building completed in 2004 by Centro Corporation. The property occupies a land area of 6,251 sqm with GFA of 25,511 sqm, with a mixture of Studio and 1-4 bed units. Opus is situated just a short distance from Arisugawa Park, and is just an 8 minute walk from Hiroo Station on the Tokyo Metro Hibiya Line.

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.

About The Westminster Roppongi
The Westminster Roppongi, formerly Roppingi Arents, (16-11 Roppongi 6-chome, Minato-ku, Tokyo) is a 99-unit luxury apartment building that first 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 the hustle and bustle of Roppongi with the tranquility of the Motoazabu district. The spacious grounds blend rows of cherry blossom trees with lush greenery. The Westminster Roppongi also offers 24-hour concierge service, a fitness room, and underground parking that can accommodate large vehicles and sports cars.

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