Manulife acquires Dojima East Building in Osaka, Japan
12-storey office property is newest addition to Manulife's global real estate portfolio and Company's first property investment in Osaka
TOKYO - Manulife Real Estate has acquired the Dojima East Building in Osaka, Japan, from a local private equity fund, in a deal that closed May 31, 2011. The newest addition to Manulife's global real estate portfolio marks the Company's first property investment in Osaka.
"Manulife is extremely pleased to be entering the Osaka real estate market with a prime asset like the Dojima East Building," said Kevin Adolphe, Chief Operating Officer of Manulife Financial's Investment Division and President and CEO of Manulife Real Estate. "The building is an excellent complement to Manulife's portfolio of properties throughout Japan and provides us with a great opportunity to further diversify into the key region of Osaka, the second largest market in Japan after Tokyo."
Manulife's commercial real estate portfolio in Japan totals more than 900,000 square feet (25,745 tsubo) and includes assets in regional centres across the Country including six properties in Tokyo and the Manulife Japan Headquarters building in Kokuryo.
The Dojima East Building is located in the heart of Osaka's central business district bounded by the commercial areas of Umeda and Nakanoshima. The prime location features immediate proximity to both business and entertainment amenities and convenient access to multiple commuter rail and subway stations including Osaka Station, the largest train terminal in Western Japan.
Built in 2007, the Dojima East Building is equipped with state-of-the-art building systems and features ground floor retail space and underground parking. The building totals 82,900 square feet (2,330 tsubo) with 12 floors above grade and one floor below grade.
"Dojima East is a quality property with a strong tenant base, located in one of the most vibrant commercial centres of Japan," said Hajime Kojima, Managing Director of Manulife's real estate portfolio in Japan. "Manulife has a diverse real estate portfolio throughout Japan and we are pleased to include this prime office property in the business core of Osaka as part of the asset mix."