Allianz Real Estate has reached an agreement to acquire a portfolio of prime multi-family residential assets in Tokyo for approximately US$160 million, expanding its footprint in Japan.
The acquisition is on behalf of the AREAP Core I Fund. It consists of 18 newly built assets with 380 units across Tokyo 23 wards.
“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, chief executive for Asia Pacific at Allianz Real Estate.
“Having boots on the ground in Tokyo has further enhanced our sourcing and asset management capabilities,” added Desai.
In June 2020, the firm purchased a portfolio of multi-family residential assets in Tokyo for $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.
© 2020 funds global asia 
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