When you ask a fund manager in Asia where to find the standout investment opportunity, there is one answer you never expect: Japan.
But for John Saunders, who runs the Asian end of MGPA, an $11bn property-focused private equity firm, the land of the rising sun presents golden opportunities – and, perversely, it is the country’s shrinking economy that is the reason.
“Japanese yields are phenomenally high,” he says. “People have got so used to falling rents, so they have been driving yields higher. The whole market is priced very, very cheaply, it needs a catalyst to spark a change in perceptions. I think that will come with a bit of recovery in Tokyo – but only in Tokyo.”
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