Brookfield Asset Management said it plans to ramp up real estate investments in Japan after buying a stake in a landmark Tokyo hotel and a large plot of land for logistics development in deals worth a combined $1.6 billion (¥249 billion).
The Canadian investment firm took a stake in Gajoen, a mixed-use complex in the Japanese capital owned by China Investment and LaSalle Investment Management. It also acquired 1 million square feet (92,903 square meters) of land near Japan’s manufacturing heartland of Nagoya to develop a large warehouse. The two deals closed at the end of 2024.
The investments underscore a trend of increased foreign investor activity in Japanese real estate in recent years, buoyed by the weak yen and cheap financing. The return of inflation after three decades and a tourism boom in the country have also made certain assets like hotels and apartments more attractive.