Primegate, the ten-storey office and commercial building in the Japanese capital, was purchased for SEB Asian Property Fund II SICAV-SIF, an investment fund under Luxembourg law that specialises in Asian real estate. It has 2,015 square metres of retail and catering space and 1,555 square metres of office space. The building, completed in 2013, is in Shinjuku, which is one of the five central districts of the capital.

"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 high demand in the office and retail segment, we are also looking in detail at investment opportunities for alternative types of use, such as logistics and hotels," said Choy-Soon Chua, managing director of SEC Investment and head of the Asia business.

The property has a market value of Y5.5 billion ($54.5 million).