February 6, 2009 / 11:49 AM / 10 years ago

Kuwait's St Martin buys Tokyo property, eyes Asia

LONDON, Feb 6 (Reuters) - St Martins, the UK-based property investment vehicle of the Kuwaiti government, said on Friday that it has acquired a building in Tokyo for 13 billion yen ($144 million) and was eyeing further acquisitions in Asia.

The purchase of the 27-storey Lietocourt Arx Tower — comprising 281 serviced apartments — from Japanese fund manager KK daVinci Advisors 4314.OJ was part-financed by a bond issue to Tokyo Star Bank Limited, St Martins said in a statment.

“This is the first of what we anticipate will be a number of investments in the region, subject to pricing and timing,” said St Martins managing director Nigel Brown, adding the firm was focusing on Japan, China and Australia.

“Whilst we will continue to review the markets...we consider that it may be later in the year before similar quality assets become available at attractive prices and any signs of recovery are seen in the markets,” he said.

The company said it is also considering landmark properties in major cities in continental Europe and the UK when these markets become more stable.

(Reporting by Daryl Loo; Editing by David Cowell)

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