The acquisition is in line with its AREAP Core I strategy of building a diversified portfolio of stabilized income-producing assets across the Asia-Pacific region.
Allianz Real Estate, the real estate manager within Munich-based financial services company Allianz, will acquire a portfolio of prime multi-family residential assets in Tokyo for around $160 million, it announced on Tuesday.
The portfolio comprises of 18 newly built assets, with 12,240 square meters of net rentable area across 380 units. All assets are located within the Tokyo metropolitan area, with good connection to the city's subway network.
Strong Performance
The firm recently made 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 multi-family residential portfolio in Japan has validated our conviction about the resiliency of the asset class,» Rushabh Desai, Asia Pacific CEO of Allianz Real Estate, said. «Having boots on the ground in Tokyo has further enhanced our sourcing and asset management capabilities.»
Allianz Real Estate's Asia-Pacific business is headquartered in Singapore, with branches in Tokyo and Shanghai. As of end-2019, Allianz RE's assets under management in Asia reached $6.2 billion, up 83 percent on-year.
