On July 6, Fosun Property announced that its affiliated Japanese asset management platform IDERA Capital Management Ltd. (“IDERA”) has completed its acquisition of the ownership (67.12%) of Harumi Island Triton Square Office Tower Y. This represents another triumphant acquisition of a prime office tower in the heart of Harumi area for Fosun Property, where the Olympic Village for the 2020 Tokyo Olympics is located, following the successful acquisition of the ownership (88.54%) of Harumi Island Triton Square Office Tower W last December.

Upon acquisition of Harumi Island Triton Square Office Tower Y, Fosun Property has altogether completed the acquisition of 4 office building property assets in the Japanese real estate market, namely completion of the acquisitions of Citibank Tower in Tennozu, Tokyo and Park Building in Shinagawa, Tokyo in 2014; and completion of the acquisition of the ownership (88.54%) of Triton Square Office Tower W in Harumi Tokyo in 2015.

It is worth noting that under the IDERA team’s professional and efficient asset management operations, the occupancy rate of “Tokyo Front Terrace” (formerly Tokyo Citibank Tower) has been steadily rising upon its overall conversion, while Park Building in Shinagawa, Tokyo has attracted widespread public attention thanks to its lobby refurbishments and powerful promotional initiatives. As of June this year, the occupancy rate of Park Building has been improved to over 90%.

In addition to the office buildings located in the heart of Tokyo, Fosun Property and its affiliate localized platforms have been proactively identifying various property targets in Japan that are suitable for investment, leveraging insights gained from their global positioning. In November 2015, Fosun Property joined with Yuyuan Tourist Mart (YTM) in acquiring Tomamu Ski Resort in Hokkaido, after which YTM officially signed a contract in June 2016 for the introduction of Club Med to Tomamu Resort where a new resort hotel is to be established. The process testified to the successful integration of Fosun’s global resources, especially the advantages associated with Fosun Property’s positioning in Japan.

　　Alex Gong, Senior Assistant to President of Fosun Group and President of Fosun Property expressed that Fosun Property has continuously held a positive view on the investment opportunities presented by the offices in the heart of Tokyo, Japan, especially the Harumi area where the Olympic Village for 2020 will be situated. The construction process of the Village is believed to have triggered a positive effect in the local real estate market.

XU Xiaoliang, Executive Director of Fosun Group, Chairman and CEO of Fosun Property, commented that Fosun Property would continue to seek value mismatch opportunities around the world by leveraging Fosun Group’s core strategy of “insurance + investment” as it follows its value investing logic, thereby committing itself to becoming a globally leading real estate investment group.

　　Photo: Highly accessible Triton Plaza in Harumi of Tokyo with its numerous transport connections

　　The Tomamu Ski Resort in Hokkaido, Japan