Grosvenor purchases Roppongi Arents apartment complex
Grosvenor Asia Pacific Limited has acquired the luxury apartment building Roppongi Arents in Tokyo. The building was constructed in 2003 in conjunction with the development of Roppongi Hills.
The acquisition is part of Grosvenor Asia Pacific’s strategy to invest in and develop luxury residential properties in some of the leading cities in Asia. It was purchased in a joint venture with two Hong Kong private investors and a sovereign wealth fund.
“Roppongi Arents” is adjacent to the Roppongi Hills redevelopment, in an area that blends the high-end retail, restaurants and tranquility of “Motoazabu”, a district famous for luxury housing. The building offers a range of high quality apartments in a convenient downtown location, within a quiet and green living environment.
Grosvenor has been investing in the residential sector in Tokyo since 2001. Roppongi Arents will add to a growing portfolio of luxury residential property where the company aims to add value through the quality of its design, finishes and proactive management. One of the best examples of this strategy is Grosvenor Place Kamizono-cho, a low rise luxury apartment building which Grosvenor developed in joint venture with Tokyo Tatemono and which now commands premium rents.
Koshiro Hiroi, Managing Director of Grosvenor Asia Pacific and Chief Representative, Japan, says:”We are delighted to have made this acquisition at this point in the economic and property cycle where we see an improving outlook over the medium term.
“We are confident in Tokyo’s medium term fundamentals and are targeting a range of acquisitions from core-investment, value-add to development.”