The yen—not unlike the euro—is on a downward trend, and that is spurring foreign investors to buy real estate in Japan. The latest: LaSalle Investment Management and sovereign-wealth fund China Investment Corp. have reportedly partnered up to buy the Meguro Gajoen complex in Tokyo for around ¥140 billion ($1.2 billion), The Wall Street Journal reports.
As WSJ reports, foreign investors are taking greater interest in Japan’s property sector following a sharp depreciation in the value of the yen. The currency has lost a third of its value since late 2012, making properties cheaper for foreign investors.
Meguro Gajoen includes retail and office space as well as a hotel. The joint venture between LaSalle and CIC bought the property from Mori Trust Co., a Japanese real-estate firm which had bought it in late August.