Nomura Real Estate Development acquired the 14-story Zen Plaza building in Vietnam's Ho Chi Minh City in July, also buying the company that owns the tower.
The deals follow Nomura's acquisition of a controlling interest in Sun Wah Tower, the company's second rental office building in the city.
Ho Chi Minh City is the country's largest commercial hub, located about 1,700 km south of Hanoi.
The newly acquired building -- a 12-minute drive from Saigon Station -- is on Nguyen Trai Street, home to a large number of apparel stores. The location offers easy access to the city's business hubs.
Completed in 1999 and featuring 14 floors above ground and two below, Zen Plaza has a total floor space of approximately 17,000 sq. meters, of which 11,700 sq. meters can be leased.
Zen Plaza's former tenants were mostly retail stores, but the location has since been converted into office space. Roughly 90% of the tenants are foreign companies, of which 70% are Japanese.
Occupancy rate as of July 2019 stood at 98%.
Nomura's overseas business is listed as one of the company's growth fields in its latest mid- to long-term business plan. The company will have invested approximately $2.7 billion (300 billion yen) in its foreign operations by the fiscal year ending March 2028.
The company wants overseas operations to eventually account for between 15% and 20% of total revenue.
Nomura plans to expand into other countries while growing its existing presence in Thailand, Vietnam, the Philippines and China.
This report first appeared in Nikkei Real Estate Market Report on July 26, 2019.