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GE Capital RE, Aberdeen team up in USD400m Tokyo property JV.

MANews-(C)2009-2011

GE Capital Real Estate, the property financing unit of General Electric (NYSE:GE), said today it had formed a USD400m (EUR285m) joint venture with British Aberdeen Asset Management (LON:ADN) to invest in residential properties in Tokyo.

In a joint press release, the two partners said that the new entity, dubbed The Tokyo Residential JV, will buy studio and one-bedroom apartment properties in Tokyo over the next two years.

GE Capital Real Estate, which has been investing in Japan since 1998, said the venture is an opportunity to create value for its investors, as population in Tokyo is growing and residential occupancy demand is stable.

Aberdeen entered the Asian property market in 2006.

The JV deal has been closed recently.Country: , JapanSector: Banking/Financial Services, Construction/Real EstateDeal size in USD: 400mType: JVStatus: Closed

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Publication:M & A Navigator
Geographic Code:9JAPA
Date:May 25, 2011
Words:137
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