29 September 2015
Clifford Chance advises SOFAZ on acquisition of a new retail building in Ginza, Tokyo
Leading international law firm Clifford Chance has advised the State Oil Fund of the Republic of Azerbaijan (SOFAZ) on the acquisition of a retail building named 'Kirarito Ginza' located in Ginza, the renowned shopping and entertainment district in central of Tokyo, Japan. The property was acquired by SOFAZ for approximately JPY 50 billion from an SPC vehicle named GK John. This is SOFAZ's first real estate investment in Japan.
The Tokyo team was led by partner Eiichi Kanda, who was assisted by counsel Satoshi Nomura and senior associate Yoshiaki Shimizu. He was also supported by partner Leng-Fong Lai.
Eiichi stated, "We were honoured to assist SOFAZ on their first investment in Japan. This transaction indicates the trend of Japanese real estate market expanding to foreign investors which we expect to further accelerate as we get closer to the Tokyo Olympics in 2020."
SOFAZ was established in 1999 and under the new policy introduced in 2011, SOFAZ started investment up to 5% of its investment portfolio in real estate. Their portfolio includes real properties in London, Paris, Moscow and Seoul, and this deal was added as their second transaction in Asia.