Japanese billionaire Akira Mori to drop $1.2B on global real estate, including in NYC

TRD New York /
Nov.November 28, 2012 09:30 AM

Spurred by the strength of the yen, Japanese billionaire Akira Mori is planning a 100 billion yen — $1.2 billion — prime real estate shopping spree in major world markets, including New York, London and Tokyo, Bloomberg News reported. The plan represents the first investment of this scale by Mori since 2008.

The Mori Trust Co. is specifically looking for office towers, and developments that are energy efficient, equipped with disaster-prevention systems and able to hold value through market downturns. According to Mori, New York offers just this sort of investment opportunity.

“Property in a desirable location is good because it tends to be the last to drop in value when the market is bad,” Mori said, referring to properties in New York City. “Cheap properties tend to be the first to decline and last to recover.” Mori added that he may seek partnerships with other investors within New York, London and Tokyo.

The yen has strengthened 35 percent against the dollar in the past five years and is trading at approximately 81.9 yen per dollar today in Tokyo.

“This is the perfect timing to invest,” Mori, said in an interview in Tokyo. “We have continued to construct new buildings, but for the acquisition of buildings, our plan would be the first since Lehman went bankrupt.” [Bloomberg]Christopher Cameron

Related Articles

José Cuervo owner Juan Beckmann Vidal and 1010 Park Avenue (Credit: Getty Images, StreetEasy)

Mexican billionaire buys Park Ave pad for $25M amid shopping spree

Ross Perot with his Strait Lane mansion in Dallas and Tucker's Town in Bermuda (Credit: Getty Images, Google Maps, and Douglas Newby)

A look under the hood at H. Ross Perot’s real estate empire

Overall, the decline of billionaires doesn't bode well for real estate (Credit: iStock)

Where have all the billionaires gone?

Kotor is an old town in Montenegro (Credit: iStock)

How Montenegro became a favorite spot for billionaires

(Credit from left: Keith Allison, Steve Daniels)

Shahid Khan to buy Wembley Stadium for $790 million

Bill, Melinda Gates buy daughter a $5M pad at 1212 Fifth

Bill, Melinda Gates buy daughter a $5M pad at 1212 Fifth

(Credit: Pixabay)

Here’s how much the world’s billionaires park in real estate

Though men still make up the lion's share of the global population of ultra-wealthy, an increasing number of women are joining their ranks. (Credit: Pixabay)

The number of women billionaires are growing faster than their male counterparts