First State's Nicholas overweights Japan after property price falls

Andrew Nicholas, manager of First State's £60m Global Property Securities fund, has moved overweight Japan, following the earthquake and tsunami in March.

Nicholas has built up a 5.2% position in the view property prices, which have not recovered, will rebound as the country reassembles. However, the manager is subdued on the prospects for J-REITS as he said prices have almost returned to their pre-earthquake levels. “We are tapping into Japanese property which will benefit from the re-construction process and are favouring the better quality house and apartment developers, along with construction companies,” said Nicholas. “Although J-REIT prices have almost returned to pre-earthquake levels, the prices of property companies have ...