Allianz acquires Tokyo residential assets

Allianz Real Estate has purchased a portfolio of multi-family residential assets in Tokyo for US$122.8 million. The portfolio is made up of a total of 11 new buildings containing 275 units, or 8,400 sq metres of rentable space. “Multi-family assets in Japan’s ‘big four’ cities, particularly Tokyo, continue to remain attractive with strong urbanisation trends coupled with limited net supply,” said Rushabh Desai, chief executive for Asia Pacific at Allianz Real Estate. “Our existing multi-family portfolio in Japan is performing strongly with over 96% occupancy and rental growth as per our business plan.” Allianz Real Estate marked its foray into the Japanese residential market last year with an agreement to purchase a $1.2 billion portfolio of multi-family residential assets from Blackstone. The portfolio consists of 82 assets, of which 78 are located in Japan’s four major cities of Tokyo, Osaka, Nagoya and Fukuoka. Allianz Real Estate manages $6.14 billion in assets in Asia Pacific as of the end of 2019, the firm said in a statement. © 2020 funds global asia

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