The portfolio includes 4,600 residential units with 160,000 sqm net rentable area, 55 percent of which is located within Tokyo 23 wards and 90 percent within 10 minutes of a subway station.
Allianz Real Estate, the real estate manager within Munich-based financial services company Allianz, has agreed to purchase a portfolio of multi-family residential assets in Japan from Blackstone for €1.1 billion ($1.21 billion), it announced in a press release on Friday.
The portfolio includes 4,600 residential units in 82 freehold properties, of which 78 are located in the country's four major cities: Tokyo, Osaka, Nagoya, and Fukuoka. The firm said the purchase is «in line with Allianz’s strategy of acquiring core income-producing assets for a long-term hold.» The transaction is expected to be finalized in the last quarter of the year.
In the statement, Rushabh Desai, Asia Pacific CEO of Allianz Real Estate, called the Japanese multi-family residential sector «a sought-after asset class offering one of the highest stabilized yield spreads in the world.»
Allianz Real Estate has properties worth €67.1 billion in its global portfolio as of end June 2019, of which €9.8 billion are residential assets, according to the company
