US private equity firm KKR has added to its Asian property holdings with the purchase of 39 residential rental properties in Tokyo.
The new build properties have been acquired through the firm’s real estate fund, KKR Real Select Trust.
No financial details of the transaction were disclosed.
Japan’s property market has become an attractive investment for some of the world’s largest private equity investors.
KKR acquired a Japanese real estate fund manager from Mitsubishi and UBS Asset Management for USD$2 billion earlier this year, a deal which brought in 170 staff to KKR.
“Tokyo’s residential sector is prized by investors for its exceptional strength and stability, which makes this multifamily portfolio a suitable fit for KREST’s focus on stabilized income-producing real estate with long-term asset appreciation potential,” said Kensuke Kudo, a Director on KKR’s real estate team in Japan.
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