Bachtiar Karim Family Office Acquires $93M Building in Japan

Invictus Developments, the family office of Indonesian palm oil tycoon Bachtiar Karim, has made its first acquisition in Japan with the purchase of lyf Ginza Tokyo for JPY10.5 billion (approximately $93.02 million). The deal, brokered by JLL, closed on October 4, and marks a significant milestone for the property group, which has primarily focused its investments in Singapore and Australia. The lyf Ginza Tokyo is a 140-room co-living hotel that opened in November 2023 and will continue to be managed by The Ascott Limited, a subsidiary of CapitaLand Investment. Chayadi Karim, who leads the family office, expressed optimism about expanding their hospitality footprint in Japan, citing strong tourism growth and favourable investment conditions as key drivers for the acquisition. This transaction is part of Invictus Developments’ broader strategy to build a diversified portfolio across the Asia-Pacific region.

About Bachtiar Karim’s Family Office Invictus Development

Founded in 2018 by Chayadi Karim, Invictus Developments is a Singapore-based real estate investment company owned by the Karim family, known for their palm oil conglomerate, Musim Mas Group. The firm focuses on investments in the tourism and industrial sectors, primarily targeting opportunities in Singapore, Australia, and Japan. Since its inception, Invictus has built a portfolio of over $500 million in assets, which includes prominent properties such as The Standard, Singapore, and the House of Tan Yeok Nee, a historic national monument in Singapore. With the acquisition of lyf Ginza Tokyo, Invictus is expanding its reach into the Japanese market and is poised to pursue further opportunities in the region’s growing hospitality sector. The family office’s investment philosophy centres on acquiring high-quality assets in prime locations to achieve long-term value creation and capital appreciation.

News source: Yahoo Finance, 7th October 2024
Picture source: Yu Kato