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Kajima enters luxury property market with deal in Tokyo's Ginza

Facilities purchased from British group to meet demand spurred by weak yen

Kajima purchased property in Tokyo's Ginza district from Grosvenor Group.

TOKYO - Kajima, one of the oldest and largest Japanese construction companies, is entering the luxury real estate market in central Tokyo, hoping to capitalize on an increase in demand sparked by the weak yen, especially among foreign tourists.

The company has purchased two facilities from the Japanese branch of British property group Grosvenor, including one already built in the high-end Ginza shopping district and another currently under construction, and will develop them for the commercial and residential markets. Kajima paid 19 billion yen ($128 million) for the properties.

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