{
  "id": 6530886,
  "title": "PGIM turns more selective on Japan real estate as rates climb",
  "url": "https://urgent.news/2026/09/10/pgim-turns-more-selective-on-japan-real-estate-as-rates-climb",
  "topic": "culture",
  "section": "Culture",
  "published": "2026-09-10T03:04:00.000Z",
  "source": {
    "name": "Japan Times",
    "slug": "japan-times",
    "url": "https://www.japantimes.co.jp/business/2026/09/10/pgim-japan-real-estate/"
  },
  "original_language": "en",
  "account": "PGIM, a subsidiary of Prudential Financial, is becoming more selective in its Japanese real estate acquisitions due to rising interest rates. In an interview, David Fassbender, the head of Asia-Pacific real estate, stated that acquiring assets is becoming significantly more expensive at the moment. He noted that the firm is taking higher debt costs into account when underwriting new deals, resulting in a more selective approach compared to two years ago. Additionally, the narrowing yield premium between Japanese government bonds and real estate properties is raising the bar for investments, especially in competitive sectors like office space. Fassbender explained that the historically wide yield spread has been eroded or disappeared in some cases, indicating that something needs to change.",
  "summary": "Japan's booming real estate sector has come under pressure as the economy adjusts to higher borrowing costs following decades of near-zero rates.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}