Allianz Real Estate has entered into a sale and purchase agreement to acquire a portfolio of multifamily assets in Tokyo, Japan for €75 million.
The portfolio comprises of 12 newly built assets with 256 units offering 7,250 sqm net rentable area. All assets are located in Tokyo 23 wards and are on average six minutes from the subway station.
“Our existing multifamily portfolio in Japan has performed well despite the COVID-19 pandemic and this has validated our conviction about the resilience of this asset class. With the recruitment of new senior hires in Japan, our sourcing and asset management capabilities have been enhanced. The lease-up and stabilize strategy is an example of the expansion of our capabilities”, said Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate.
This latest transaction follows a series of Japan multifamily transactions by Allianz Real Estate over the last two years.
In November 2019, the firm acquired a EUR 1.1 billion multifamily residential portfolio spread across Japan. In 2020, the firm acquired two portfolios of prime, multi-family residential assets in Tokyo for EUR 0.2 billion.
“We would like to continue to expand our core and manage-to-core portfolios of multi-family assets in Japan. ESG is at the forefront of what we do. We have developed a structured framework to achieve our goal of reducing the greenhouse gas emissions of our portfolio to net zero by 2050. Specifically, for our multifamily assets in Japan we are also looking to increase the use of renewable energy, enhance waste management procedures and incentivise tenants to sign up green leases,” added Rushabh Desai.