The property is a 35 year-old 10-story Grade B office building in Kannai, Yokohama. Kannai is one of the major commercial districts in Yokohama area and is a key area for international trade. The Property is located within walking distance to the Bashamichi railway station and JR Kannai Station which enables easy access to Shibuya and Shinagawa within 40 and 30 minutes, respectively.

Phoenix appointed a property manager with a proven track record and extensive experiences in the Yokohama area to manage the Property. Since the design is inconsistent, an investment strategy was formed to refurbish and upgrade some office units and the common area, which enables us to achieve higher rents upon lease renewals.

The deal was closed in January 2021, the refurbishment of the common area was completed in July 2021.