Tokyo building put up for sale for more than US$1.3bil

TOKYO: A group led by property investor Asia Pacific Land (APL) has put an aged but large office building in central Tokyo on sale, expecting to fetch more than 160 billion yen (US$1.3bil), three people with knowledge of the deal said.

APL acquired the Shiba Park Building in 2013 for more than 125 billion yen along with US insurance magnate Maurice “Hank” Greenberg, the Abu Dhabi Investment Council and Hong Kong-based alternative investor PAG. The acquisition was made when Tokyo’s property market started recovering, thanks to aggressive economic measures taken by Prime Minister Shinzo Abe to end deflation.