SEB Asset Management has purchased Primegate, a ten-storey commercial and office structure located in Tokyo. The said property's present market value is JPY 5.5 billion (around €39 million), according to Property Magazine.

The building was acquired for SEB Asian Property Fund II SICAV-SIF. This investment fund specializes in Asian real estate assets, the report added.

Primegate, which was completed last year, is situated in a very good spot in Shunjuku, with excellent links to local public transport. Shinjuku is among the five central districts of Tokyo, Japan, the report explained.

The office property is comprised of 2,015 square meters of retail and catering space, plus 1,555 square meters of office space. In addition, Primegate is nearly fully let to 13 firms, the report detailed.

Choy-Soon Chua, managing director of SEB Investment GmbH, said of Tokyo's real estate market: "From an anti-cyclical perspective, we are entering the Tokyo market at a favourable point in time. Japan is in fundamentally good health, and its positive rental price trend looks likely to continue. Due to the particularly high demand in the office and retail segment, we are presently also looking in detail at investment opportunities for alternative types of use, such as logistics and hotels."