Investments
 
Arasho
 
Location Chu Ward, Tokyo, Japan
Date acquired Acquired by Global Fund I in October 2001
Purchase price US$14 million (100%)
Structure 90% joint venture with local operator/manager
Description A vacant nine-storey 3,875 sqm grade B office building located in central Tokyo's Chuo ward.
Investment strategy 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.
Date sold
 December 2002
   
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