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DEGI's first buy in the land of the rising sun

Jude Buttle

DEGI International has purchased the La Porte Shinsaibashi retail property in Osaka for €90m (£73m), its first buy on Japanese soil.

The German open-ended real estate fund company, owned by Aberdeen Property Investors, stated that the purchase from a special purpose company announced the beginning of a strategy to increase its exposure to Asian property.

Managing director at DEGI, Malcolm Morgan said: "This investment marks our entry into Japan whilst increasing our exposure to the Asian property market. Our aim is to make further acquisitions in Japan and to build a diversified property portfolio that provides a stable basis for our involvement in Asia."

He continued: "We also plan to make investments in Asia's dynamic growth markets, such as China and Singapore, where we see attractive opportunities for property investors."

The 42,000 sq ft La Porte Shinsaibashi building was completed in December 2007 and is currently let to six retailers including the Spanish fashion chain Zara.