Philip Mintz of GE Real Estate/Asia

A $1.13-billion joint venture is powering a portfolio expansion for GE Commercial Finance Real Estate in its Tokyo-based Asia Pacific operation, and the JV is already relishing the fruits of its labor. In recent weeks, as GlobeSt.com reported ,the Stamford, CT-based estate capital source shook hands with Shinsei Bank—-a major institution in Japan boasting assets of $58 billion. While the marriage is geared to help both operations increase their holdings, for GE, it opens access to assets that are larger than its traditional investment parameters allow. As Philip Mintz, president of the Asia operation, told GlobeSt.com in a recent, exclusive interview, the JV, modeled after a similar structure GE had forged only six months prior in Korea, has already made its first hit in the form of a $75-million class A office buy in the suburbs of Tokyo. Where from here? Read on:

GlobeSt.com: What in the Japanese market says that this is the time to strike up such a JV?

Mintz: We’ve tried to create a vehicle to house assets that are substantially larger than we normally would purchase on our own. We also wanted to create something that was programmatic, with a partner in place. Previously we had solicited partnerships on a one-by-one basis, but given the size and growth of our portfolio, we needed something more stable, more certain.     In terms of Shinsei, under Japanese law they can’t own more than 50% of a real estate vehicle, so they needed a partner to pursue the kinds of transactions they want. So we each had various reasons why it made sense.