Chu Ward, Tokyo, Japan

Acquired by Global Fund I in October 2001

A vacant nine-storey 3,875m² grade B office building located in central Tokyo's Chuo ward.

Acquired to take advantage of the early stages of the recovery cycle in Tokyo's property market, the building was then refurbished to a B+ standard. This program was completed on schedule with a saving to the original budget.

The building was leased to one tenant (at a rent in excess of underwriting) prior to the completion of the refurbishment program and sold at a price above business plan.

December 2002