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Seven-Asset Japanese Portfolio Moves for $309M

TOKYO-In return the selling company, GE Real Estate Japan agrees to purchase 32,500 newly issued units in LCP, the portfolio's buyer.

By Joe Clements | Updated on March 14, 2007

TOKYO-In a multi-tiered arrangement, GE Real Estate Japan has completed a deal to sell seven properties here to a Japanese REIT for $309 million but then infuse that entity with funding from another GE investment vehicle.

The REIT, LCP Investment Corp., is buying two GE office buildings and five multifamily properties in the Tokyo metropolitan area, allowing LCP to grow its assets 64.3% to $740 million. Subsequently, a Japanese arm of GE called, New Mission Funding Corp., will purchase 32,500 newly issued units in LCP for $117 million.

“This is a great opportunity for GE Real Estate to establish a cooperative relationship with a Japanese REIT with excellent growth potential,” says GE Real Estate of Japan President Tomoyuki Yoshida in a release announcing the complicated arrangement. Yoshida says his firm is impressed by LCP’s management and expertise, adding GE’s goal is to enable larger, high quality assets to be secured and “help raise the overall profile and value” of the REIT.

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