A joint venture between PGIM Real Estate and Alyssa Partners has agreed to acquire four newly built multifamily assets located in Tokyo for JPY 9.2bn.
Two of the assets, located in Shinjuku-ku and Taito-ku, were acquired on December 9, 2020.The remaining assets will be acquired in the first half of 2021. PGIM Real Estate will act as the asset manager.
PGIM Real Estate said the multifamily assets within the portfolio have an average age of less than one year and comprise 282 apartment units. All properties are walking distance to subway and/or JR stations.
“We are very pleased and excited to enter the residential market in Japan in partnership with PGIM Real Estate. The occupiers’ demand for newly built and well-located residential properties continues to be strong, making the portfolio well positioned to generate steady cashflow over the investment period,” said Chedli Boujellabia, Managing Partner and CEO of Alyssa Partners.
“This transaction is a further example of our ability to generate new opportunities to capitalize on the strong fundamentals of the Tokyo multifamily sector for the benefit of our investors. We look forward to growing our relationship with Alyssa Partners as we further expand our Japanese residential portfolio,” added Morgan Laughlin, PGIM Real Estate’s head of Japan.