SEB Asset Management has sold the Aeon Mall Chiba New Town in Chiba, Japan to a Japanese company for about €100m.
The sales price was 12.6% above the original acquisition price.
The shopping centre was completed in 2007. SEB acquired it in 2009 on behalf of special fund SEB Asian Property Fund. The scheme is let to shopping centre operator Aeon Mall on a long-term contract which ends in 2027.
The Aeon Mall Chiba New Town has about 33,500 m2 of retail space accommodating 130 shops, a cinema, a gym as well as leisure facilities. Located close to Japan’s capital Tokyo, the mall has a catchment area of 400,000 inhabitants.
“Despite a slightly declining total transaction volume in Japan in the past year, the retail market is developing best. While the total transaction volume declined by 4%, the retail transaction volume increased by 53%,” said SEB Asset Management’s head of property investment, Choy-Soon Chua.
