Allianz Real Estate has added $160m (鈧�135m) worth of assets to its Japanese multifamily interests.
The manager, on behalf of the Allianz Real Estate Asia-Pacific (AREAP ) Core Fund 1 fund, has bought a portfolio of 18 newly-built properties, with 380 units offering 12,240sqm of net rentable area in Tokyo 23 wards.
Rushabh Desai, Asia Pacific CEO of Allianz Real Estate, told 麻豆映画 Real Assets: 鈥淩esidential in Japan has proved to be one of the most resilient and defensive asset classes. The strong performance of our existing portfolio has validated our conviction.鈥�
Desai said occupancy had remained high because tenants were less inclined to move, especially during COVID-19. Tenants were also attracted to new buildings which were well located, closer to train stations.
鈥淭his portfolio, like the one we purchased in May, is newly-completed and on an average six minutes from nearest train stations,鈥� he said. Allianz bought 11 new residential towers for 鈧�110m in May.
鈥淭ime and again we have proven we can execute, across the region, with credibility and in a timely fashion. Since our first residential deal in Japan last November, we have developed excellent relationship with the local market participants including developers and banks,鈥� he said.
The AREAP Core fund was set up in June this year with Korea鈥檚 National Pension Service.
Desai said the acquisition was in line with AREAP Core 1鈥檚 strategy of building a diversified portfolio of stabilised income-producing assets across the Asia-Pacific region.
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