Allianz Real Estate has acquired a prime multifamily property portfolio in Tokyo for €110 million. The portfolio comprises 11 newly built assets with 275 units offering 8,400 sqm net rentable area.
All assets are located in Tokyo 23 wards and are on an average within six minutes of a subway station. The multifamily property portfolio in Tokyo is stabilized and has a well-diversified tenant base.
This latest transaction follows the acquisition in November 2019 of a EUR 1.1 billion multi-family residential portfolio of 82 assets spread across Japan.
“This is an excellent addition to our existing multifamily residential portfolio in Japan, a sought-after asset class offering one of the highest stabilized yield spreads in the region. Multi-family assets in Japan’s ‘big four‘ cities, particularly Tokyo, continue to remain attractive with strong urbanization trends coupled with limited net supply,” said Rushabh Desai, Asia Pacific CEO of 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.”