And launches new Japanese brand for high-quality properties

TOKYO – Macquarie Global Property Advisors (MGPA), a private equity real estate fund advisory company, has closed a transaction to acquire a residential tower in Sapporo, Japan on behalf of MGP Fund II.

MGPA is also announcing the launch of the new brand “My Atria”, which the property will come under.  This property is the first of a series of properties that will come to the market under the “My Atria” brand over the next 12 months. Derived from the Latin word atrium, a kind of spacious living room in a Roman house, the “My Atria” brand reflects the high quality design and construction of the apartments, excellent locations and the concept of expressing an independent lifestyle in harmony with your living space.

The Sapporo residential tower is 30 stories high, comprises 140 apartments with a net rentable area of 11,653 square meters and is adjacent to the Governor’s residence and a large park. No new high-rise tower will be built in the area in the near future due to a 31-meter height restriction implemented earlier this year.

”We expect the property to appeal to upper-middle to upper-class residents in Sapporo given the great location with magnificent views, the scarcity of high-rise towers and the superior specifications of the building,” Mr Treacy said.

“The expected appreciation in land prices for future developments, combined with the new height restriction, makes this property very competitive,” he said.

The My Atria portfolio will consist of mid range suburban apartments, well located close to train stations and other forms of transportation.

MGPA Managing Director Simon Treacy said, “The My Atria portfolio enables the Fund to continue its strategy of acquiring well designed and built apartments in key locations and markets in Japan where MGPA believes there will be strong demand over the life of this investment.”

MGPA will provide development management services to ensure the properties are completed to the required quality of “My Atria” and prepare appropriate marketing and leasing programme for these properties. 

The remainder of the properties in the portfolio are expected to be completed over the next 12 months.

MGP Fund II closed in September 2005 with a combined equity commitment of US$1.3 billion. The Fund has made a combined investment of more than US$1 billion in the region, in cities such as Tokyo, Seoul and Hong Kong. It has made three other acquisitions in Japan which cover the office, retail and residential sectors.

The Fund has also announced today the acquisition of an office building in Tokyo (see separate release).