The Olinas Mall in Tokyo was acquired by CapitalMalls Asia for ¥22.8 billion (USD $291.6 million) from commercial real estate investment fund Tiger Eye Realty Yugen Kaisha.
The property has a gross floor area of 583,000 square feet, as well as parking space for more than 850 vehicles. At present, it is completely leased and includes businesses such as XEBIO, Toho Cinemas, Babies R Us and Tokyu Store.
"The Kinshicho area, where Olinas Mall is located, is a growing commercial area in Tokyo that attracts an influx of tourists, young families and youths," said Lim Beng Chee, CEO of CapitaMalls Asia. "This generates demand for shopping over and above the current catchment of over 1.2 million people within a 5 kilometre radius."
The mall is approximately 400 meters from the Kinshicho Station on the Japan Railway, and is also a short walk from the Tokyo Skytree.
CapitaMalls Asia has eight Japanese malls in its portfolio, which is a part of its 100 total properties throughout Asia totaling 91.6 million square feet.