TOKYO (Reuters) – Canadian investment firm Brookfield Asset Management (TSX:BAM) said on Monday it has closed two real-estate investments in Japan worth a combined $1.6 billion.
The investments comprise a stake in Tokyo’s landmark Gajoen complex, a mixed-use office, retail and luxury hotel, and a 1 million square foot (93,000 square metre) plot in the outskirts of Nagoya, which will be developed into a logistics warehouse, Brookfield said in a release.
It is the latest large-scale real-estate investment in Japan, as a weaker yen and availability of cheap financing have ramped up foreign investor interest in the sector.
Gajoen, located in Meguro, Tokyo, is owned by the Chinese sovereign wealth fund China Investment Corp (CIC), which bought the property in 2015.
Brookfield did not state the size of its stake in Gajoen.