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Protecting Downside Risks but finding assets with Upside Potential 

With the growing public sector debt, diminished savings rate and structural trade imbalance, Yen depreciation is on the horizon. Even with its depreciation, export growth will likely be muted because offshoring by manufacturers during the last decade is accelerating. Seeking prime real assets in highly dense urban microenvironments with sustainable foreigner-driven demand requires research and local relationship knowledge. Opportunities that we have sought are sourced from Japanese sellers who seek discreet negotiations and quiet transactions.

Tokyo Investment Criteria:

  • Focus on prime commercial opportunities

  • Minimum gross acquisition size: Yen 20 billion

  • Targeted net IRR >12% in hedged Yen terms

  • Hold periods 5-10 years

  • Tax structured investment solutions including TK/GK/TMK

  • Investor Yen hedging included in structure

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