May 22 Property investor Secured Capital Investment Management Co has put an office tower in central Tokyo's Marunouchi district up for sale for more than $1.8 billion, a bet that investors are confident in a continued recovery in Tokyo real estate, according to four people with knowledge of the process.
Secured Capital, part of Asian private equity firm PAG, wants to sell the 32-storey Pacific Century Place Marunouchi near Tokyo railway station, which it bought for about 144 billion yen ($1.42 billion) in 2009, for more than 180 billion yen, the people said. They asked not to be named because the sale preparations remain confidential.
The transaction would be the largest Tokyo office sale since the global financial crisis of 2008 and test the confidence of investors in the success of Prime Minister Shinzo Abe's economic policies aimed at ending deflation. ($1 = 101.4950 Japanese Yen) (Reporting by Junko Fujita; Editing by Edmund Klamann)