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Norway sovereign wealth fund, Tokyu Land partner on ¥132.5B portfolio buy

Norway's Norges Bank Real Estate Management and Tokyu Land Corp. agreed to purchase a portfolio of five mixed-use Tokyo properties from Veloqx Group, in a deal valuing the assets at ¥132.5 billion.

The transaction will mark the $1 trillion fund's first foray into the Asian real estate market with a scheduled ¥92.75 billion payment for its 70% interest in the portfolio. Tokyu Land will acquire the remaining stake and will serve as manager of the assets on behalf of the joint venture, the fund said in a release.

Consideration for the assets, three of which are in Shibuya's shopping district and two in the upscale district of Omotesando, will be 49% financed with a bank loan.

The acquisition of the roughly 12,300-square-meter office and retail portfolio is expected to close at the end of December.

As of Dec. 6, US$1 was equivalent to ¥112.25.