Grosvenor Asia Pacific Limited, a proprietary arm of the privately-owned property group Grosvenor, has acquired two luxury apartment complexes in Tokyo, Japan with a total of 110 units.
“Roppongi Arents,” acquired by Grosvenor in a joint venture with two Hong Kong private investors and a sovereign wealth fund, is a 99-unit luxury apartment building completed in July 2003. The 15-story building is located adjacent to Roppongi Hills, a 27-acre new urban community blending office space, apartments, shops, restaurants, cafés, movie theaters, a museum, a hotel, a major TV studio, an outdoor amphitheater, and parkland. It also is close to the Motoazabu district, featuring high-end shops and restaurants in a tranquil environment.
Grosvenor plans to surround the building with a rich variety of plant life and add a private garden, providing residents with a relaxing, green environment. Roppongi Arents offers a 24-hour-a-day concierge service, a fitness room, and underground parking.
Grosvenor also has acquired “The Mark Minami-Azabu,” a four-story building with 11 spacious luxury apartments. It was constructed in 2008 on the former site of the training centre of Tokio Marine & Nichido Fire Insurance Co., Ltd. It offers an extremely convenient location within walking distance of several public transportation stations, in an neighborhood that is home to many foreign embassies, international schools, shops, and a large park.
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 the construction of “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.
Koshiro Hiroi, Managing Director of Grosvenor Asia Pacific and Chief Representative, Japan, who has successfully built Grosvenor’s business in Japan since he joined in 2001, commented: “We are confident in Tokyo’s medium-term fundamentals and intend to continue expanding our activities in the city over the near future, targeting a range of opportunities including core investment, value-add, and development.” Grosvenor is actively looking at investment and development opportunities in Hong Kong and Greater China, as well as in Japan.