Allianz Real Estate announced that it has agreed to acquire a portfolio of prime multifamily residential assets in Tokyo for $160 million, on behalf of the AREAP Core I Fund.
The multifamily portfolio comprises of 18 newly built assets with 380 units offering 12,240 sqm net rentable area. All assets are located in Tokyo 23 wards and are within 10 minutes from a subway station.
This transaction comes on the back of two other acquisitions in Japan, an 11 asset multi-family residential portfolio in May 2020 and an 82 asset multi-family residential portfolio in November 2019.
“Continued strong performance of our existing multifamily residential portfolio in Japan has validated our conviction about the resiliency of the asset class”, said Rushabh Desai, Asia Pacific CEO of Allianz Real Estate. “Having boots on the ground in Tokyo has further enhanced our sourcing and asset management capabilities.”