St Martins Acquires Serviced Apartment Tower in Tokyo
St Martins, a leading UK-based property development and investment company for the Kuwaiti Investment Authority, recently acquired a luxury serviced apartment high rise residential tower in central Tokyo for Â¥13 billion ($142 million; €109 million). The 27-floor residential tower property acquisition represents the company’s first venture into Asia.
The serviced apartment property is known as the Lietocourt Arx Tower and is centrally located in Minato, Chuo-Ku which is near to the Nihonbashi and Ginza, Tokyo business and retail district. The building was previously owned by KK daVinci Advisors, a Tokyo-based fund manager, and consists of 281 serviced apartments which occupy over 29,701 square meters of space. The Lietocourt Arx Tower was constructed and completed by February of 2007.
St Martins financed the acquisition with a bond issue to the Tokyo Star Bank Limited which was arranged through the Real Estate Finance department of Nikko Citigroup. The acquisition is the first of a series of investments by St Martin that are planned for this region. St. Martins has also been seeking investment opportunities in China, Hong Kong, Singapore, Vietnam, and Australia.
St Martins also plans serviced apartment property acquisitions in primary cities in Continental Europe and the United Kingdom and recently purchased a 23-floor serviced apartment tower in Central London for €500 million ($786 million).
St Martins is a leading development, investment and asset management company with a diverse portfolio in the UK, Europe and Australia. As the UK-based real estate investment vehicle of the State of Kuwait, St Martins has significant financial strength. The company has a track record in the property industry that dates back to 1924 and currently owns more than 1 million square meters of commercial property that includes serviced apartments.
St Martins now has a portfolio of over 80 properties consisting of serviced offices, serviced apartments, and residential facilities. The company headquarters are situated in its London Bridge City development with regional offices in Brussels, Frankfurt, Melbourne and Perth.
The Kuwait Investment Authority, a commodity sovereign wealth fund, was created in 1953 from oil revenues and was the world's first sovereign wealth fund to be launched. Its fund is estimated to be worth around $250 billion.
Move and Stay at www.moveandstay.jp has additional information on accommodation in Tokyo and throughout Japan.
The serviced apartment property is known as the Lietocourt Arx Tower and is centrally located in Minato, Chuo-Ku which is near to the Nihonbashi and Ginza, Tokyo business and retail district. The building was previously owned by KK daVinci Advisors, a Tokyo-based fund manager, and consists of 281 serviced apartments which occupy over 29,701 square meters of space. The Lietocourt Arx Tower was constructed and completed by February of 2007.
St Martins financed the acquisition with a bond issue to the Tokyo Star Bank Limited which was arranged through the Real Estate Finance department of Nikko Citigroup. The acquisition is the first of a series of investments by St Martin that are planned for this region. St. Martins has also been seeking investment opportunities in China, Hong Kong, Singapore, Vietnam, and Australia.
St Martins also plans serviced apartment property acquisitions in primary cities in Continental Europe and the United Kingdom and recently purchased a 23-floor serviced apartment tower in Central London for €500 million ($786 million).
St Martins is a leading development, investment and asset management company with a diverse portfolio in the UK, Europe and Australia. As the UK-based real estate investment vehicle of the State of Kuwait, St Martins has significant financial strength. The company has a track record in the property industry that dates back to 1924 and currently owns more than 1 million square meters of commercial property that includes serviced apartments.
St Martins now has a portfolio of over 80 properties consisting of serviced offices, serviced apartments, and residential facilities. The company headquarters are situated in its London Bridge City development with regional offices in Brussels, Frankfurt, Melbourne and Perth.
The Kuwait Investment Authority, a commodity sovereign wealth fund, was created in 1953 from oil revenues and was the world's first sovereign wealth fund to be launched. Its fund is estimated to be worth around $250 billion.
Move and Stay at www.moveandstay.jp has additional information on accommodation in Tokyo and throughout Japan.
Labels: accommodations Japan, serviced apartments, serviced offices, St Martins
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