Brookfield Asset Management has purchased a stake in mixed-use asset Gajoen Tokyo as well as a plot of land for logistics development in deals worth a combined $1.6 billion.
Located at 1 Chome-8-1 Shimomeguro, Meguro City, Gajeon comprises a 60-key luxury hotel with restaurants and banquet halls as well as two office towers.
The investment firm said it plans to focus on hospitality assets, mixed-use complexes and logistics in Japan, and noted it is evaluating potential transactions valued from $50 million to around $1 billion.
This comes following a 2024 which saw a surge in transactions across the Asia Pacific region driven by Japan’s stellar fundamentals and private equity deals, with the increase in cross-border investment during the year partly credited to ongoing currency fluctuations in the region, the strong recovery of international tourism and cheap financing.
Brookfield will take over asset management of Gajoen and plans to invest in renovating public spaces in the asset’s hotel and offices.
What they said
Andrew Burych, managing partner & head of East Asia real estate at Brookfield said: “We’ll be doing a lot more in Japan and we’re likely to spend more on deals in the country this year than the $1.6 billion invested in 2024. Our pipeline is pretty good going into 2025.”