(Bloomberg) -- Singapore became the biggest investor in Japan’s real estate sector this year, lured by the yen’s weakness and growing demand in logistics and hospitality industries, according to Knight Frank LLP.Most Read from BloombergWells Fargo Preps for Wealth Battle After $1 Billion TurnaroundUS to Keep a Distance From India-Canada Dispute, Signum’s Myers SaysChina’s Ultra-Rich Gen Zs Flock Home as Global Tensions RiseRaw Meat-Eating Liver King And Other Health Influencers Face Mounting Law
Inflows from the city-state totaled almost $3 billion so far in 2023, followed by investors from the US, Canada, and the United Arab Emirates, according to a report published this month.
Singapore’s sovereign wealth fund GIC Pte’s purchase of six warehouses in Japan from Blackstone Inc. for $800 million contributed significantly to that, said Christine Li, Knight Frank’s head of Asia-Pacific research, in the report.GIC Chief Investment Officer Jeffrey Jaensubhakij recently described Japan as a “very cheap” market where value can be realized, and with a long way to run.
Foreign investors, including Goldman Sachs Group Inc., KKR & Co., Blackstone Inc., have spent a combined $2 billion on hotel deals in Japan so far in 2023, the most compared with any other sector in Asian commercial property, according to MSCI Real Assets. Japan’s surge in hybrid work arrangements and rising supply has eroded investors’ appetite for the office sector, Knight Frank said in the report.
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