Allianz Real Estate, on behalf of the AREAP Core I Fund, has entered into Sale & Purchase Agreement to acquire a portfolio of prime multi-family residential assets in Tokyo for approximately USD 160 million.
Rushabh Desai, CEO Allianz Real Estate Asia Pacific
The portfolio comprises of 18 newly built assets with 380 units offering 12,240 sqm net rentable area. All assets are located in Tokyo 23 wards and are within 10 minutes from a subway station.
This acquisition will be in line with AREAP Core I strategy of building a diversified portfolio of stabilized income producing assets across the Asia-Pacific region. This transaction comes on the back of two other acquisitions in Japan, an 11 asset multi-family residential portfolio in May 2020 and an 82 asset multi-family residential portfolio in November 2019.
“Continued strong performance of our existing multi-family residential portfolio in Japan has validated our conviction about the resiliency of the asset class”, said Rushabh Desai, Asia Pacific CEO of Allianz Real Estate. “Having boots on the ground in Tokyo has further enhanced our sourcing and asset management capabilities.”
Allianz Real Estate AUM in the region amounted to USD 6.2 billion as at the end of December 2019. The Asia- Pacific business’ head office is in Singapore with branches in Tokyo and Shanghai.
