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The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

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Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.


M&G Real Estate acquires Japanese residential buildings for $83.7 million

M&G Real Estate acquires Japanese residential buildings for $83.7 million

The property fund management arm of London-based M&G Investments has recently expanded its portfolio in Japan, by making its fifth acquisition since the launch of its core Asia property strategy in 2006

The portfolio comprises four multi-family residential buildings located in Chiba, Fukuoka, and Osaka, stated the company says in an official statement releases  on October 29. This makes it its first Japanese property deal in 2018.

The assets are “relatively new and are strategically located in established residential neighbourhoods with convenient access to employment, amenities and transportation to attract young professionals looking for accessibility to larger cities”, stated the company.

According to Chiang Ling Ng, chief executive officer and chief investment officer for Asia at M&G Real Estate, the acquisition is in accordance with the company’s strategy to raise exposure to Japan’s residential market, focusing on properties in major and growing cities.

“Japan’s residential market, particularly multi-family residential assets in Greater Tokyo and key regional cities such as Osaka, Chiba, and Fukuoka are providing attractive income opportunities as the key cities of Japan are expected to continue and support ongoing demand for rental housing,” said Ms. Ng in the statement.

“We will continue to seek further opportunities to balance our portfolio to leverage and grow our existing residential investment and asset management capabilities in Japan,” she added.

The company’s other Japanese property purchases include: the Higashi Ogijima Logistics Centre at Kawasaki Port in Kanagawa and a portfolio of six residential buildings across Greater Tokyo and Osaka, both acquired last year.

M&G Real Estate had $39.92bn of assets under management (AUM) as at June 30, 2018 and its parent company M&G Investments had AUM’s of $365.9bn.


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