News

Allianz to acquire $1.2bn Japan assets from Blackstone

Tokyo_Kabuki-choAllianz Real Estate has marked its foray into the Japanese residential market with an agreement to purchase a €1.1 billion ($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. At present, 97% of the portfolio is occupied and all assets are on a freehold basis, the firm said in a press release. “This is an outstanding opportunity for Allianz to secure a meaningful exposure to the Japanese multi-family residential sector, a sought-after asset class offering one of the highest stabilised yield spreads in the world,” said Rushabh Desai, chief executive for Asia Pacific at Allianz Real Estate. “Japan is the world’s third largest multi-family residential market with strong urbanisation trends coupled with limited net supply in the four major cities.” Desai added: “We are very excited about our foray into the Japanese residential market with this portfolio. 55% of the portfolio is located within Tokyo 23 Wards and 90% of the assets are within 10 minutes from a subway station.” In August, Allianz Real Estate expanded its India footprint with a $150 million commitment to an office development platform as part of its strategy to allocate between 50% and 60% of its Asia Pacific real estate exposure to fast-growing markets such as China and India. ©2019 funds global asia

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