Blackstone sells a US $ 1.2bn Japanese multi-family portfolio to Allianz

Allianz Actual Property, the actual property arm of the German insurer, purchased a portfolio of central multifamily residential property of Japan value 1,100 million euros (US $ 1,200 million) from funds managed by the American asset supervisor Blackstone.

The portfolio has 82 property comprising 4,600 models, primarily within the 4 predominant cities of Japan, Tokyo, Osaka, Nagoya and Fukuoka, the client introduced.

“Japan is the third largest multi-family residential market on this planet with sturdy urbanization tendencies together with a restricted web provide within the 4 main cities,” mentioned Rushabh Desai, CEO of Allianz Actual Property for Asia Pacific.

Japan’s multi-family market stays a well-liked asset class for international buyers, with the German pension fund BVK buys a multifamily pockets from Osaka in August, in addition to the UK-based asset supervisor Aberdeen Commonplace Investments begin a residential three way partnership with Sumitomo Mitsui Belief Financial institution in June.

The 160,000 sq. meters. The portfolio is stabilized with an occupancy price of 97% and a well-diversified tenant base.

“We’re very enthusiastic about our incursion into the Japanese residential market with this portfolio,” mentioned Desai.

“(Fifty-five p.c) of the portfolio is in Tokyo 23 Wards and 90% of the property are 10 minutes away from a subway station.”

The settlement follows Allianz Actual Property’s funding in Japanese logistics earlier this yr, when dedicated US $ 600 million to the LPG logistics growth funds in Japan and China in Could.

The funding supervisor has been investing closely within the Asia Pacific area this yr, and has just lately partnered with AXA and the scholar housing specialist Scape Australia for A $ 1.5 billion (US $ 1.03 billion) three way partnership of scholar housing in Australia in September.

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