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TE Capital Partners acquires portfolio of Tokyo residential assets for $80.65 mil

/ EdgeProp Singapore |

June 30, 2021 12:51 PM SGT

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SINGAPORE (EDGEPROP) - TE Capital Partners, acting on behalf of its TE Japan Income Partners series, has completed the acquisition of a portfolio of multi-family residential assets located in Central Tokyo, Japan. The sale amounts to US$60 million ($80.65 million). (See also: TE Capital acquires portfolio of prime multi-family residential assets in Tokyo)

The residential portfolio comprises a residential development in the Shinjuku ward, a residential development in the Koto ward, and one residential development in the Kita ward. In total, the three assets consist of 175 units.

“This investment echoes the firm’s strategy of growing exposure to multi-family assets in Japan, a sought-after asset class offering long-term stabilized yields underpinned by strong urbanization trends and historically high occupancy levels ranging above 90 percent,” says Terence Teo, manging partner at TE Capital Partners.

The latest acquisition brings the group’s portfolio of Japanese multi-family assets to 266 residential units, which are all located in Tokyo’s 23 wards. It features a mix of studios, and one- to two-bedroom units. All assets are also within seven minutes’ walk from train stations.

The group entered the Japanese multi-family asset market in December 2020 when it acquired a US$50 million portfolio comprising to assets in the Minato ward and another in the Setagaya ward.

“We are extremely pleased that TE Japan Income Partners’ inaugural investment in the multi-family sector has performed well despite the COVID-19 pandemic, and this has validated our conviction about the resilience of this asset class,” says Emilia Teo, managing director of TE Capital Partners.

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