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Phoenix Property sells Tokyo apartment building in ¥20B deal

Phoenix Property Investors Ltd. sold the Oakwood Residence Shinagawa apartment building in Tokyo to a Korean institutional investor for ¥20 billion, Mingtiandi reported, citing the Hong Kong-based private equity real estate investment group.

An unnamed Korean industry source told the news outlet that Seoul-based Korean Investment Management closed the acquisition of a serviced apartment in Tokyo on Dec. 27, 2019, the same date when the sale of the Oakwood Residence Shinagawa was completed.

The 18,847-square-meter Oakwood Residence Shinagawa comprises 202 serviced apartment rooms. It was purchased by Phoenix Property for ¥14 billion and sold through its Phoenix Asia Real Estate Investments V fund, Mingtiandi reported.

As of Jan. 8, US$1 was equivalent to ¥108.87.