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Goldman Sachs to double property investments in Japan - source

Credit: REUTERS/BRENDAN MCDERMID

Goldman Sachs Group will double its annual property investments in Japan to about 250 billion yen ($2.3 billion) as the U.S. investment bank aims to tap solid demand for logistics hubs and data centres, a person familiar with the matter said.

TOKYO, May 31 (Reuters) - Goldman Sachs Group GS.N will double its annual property investments in Japan to about 250 billion yen ($2.3 billion) as the U.S. investment bank aims to tap solid demand for logistics hubs and data centres, a person familiar with the matter said.

Goldman Sachs, which currently spends 100 billion to 150 billion yen a year in such investments, will take advantage of low interest rates to expand its presence in the relatively stable Japanese property market, according to the source.

The source declined to be identified as the matter is not made public.

The Nikkei business daily first reported the news.

Goldman has been revamping property investment operations worldwide, according to the Nikkei.

($1 = 109.6600 yen)

(Reporting by Makiko Yamazaki; Editing by Ana Nicolaci da Costa)

((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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