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Allianz Real Estate acquires 12 residential properties in Tokyo for $122 mil

By Nadine Yong

/ EdgeProp Singapore |

March 30, 2022 5:24 PM SGT

One of the 12 properties to be acquired by Allianz Real Estate, located in the Setagaya Wakabayashi area in Tokyo. (Credit: Allianz Real Estate)

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SINGAPORE (EDGEPROP) - Real estate investment manager Allianz Real Estate is acquiring a portfolio of multi-family residential assets in Tokyo for approximately US$90 million ($122 million) on behalf of its Japan multi-family residential fund, AREAP JMF I.

See also: Ascott Residence Trust to buy five properties in Japan for $125 mil

The portfolio comprises 12 new residential properties with over 280 units in total, offering over 80,729 sq ft of gross floor area. All the properties are located across Tokyo’s 23 wards. The apartments will be leased out upon acquisition by Allianz Real Estate.

The acquisition, AREAP JMF I’s first, “affirms our conviction in the attractiveness of Japan’s multifamily residential sector, which continues to be supported by secular trends such as rapid urbanisation,” says Daisuke Noguchi, head of Japan, Allianz Real Estate Asia Pacific.

AREAP JMF I was set up last December to invest in newly completed residential assets in Japan’s four major cities of Tokyo, Osaka, Nagoya and Fukuoka. The fund currently has a total equity commitment of US$750 million, including US$250 million each from Ivanhoé Cambridge and Allianz Group companies.

“In a market where rising housing prices have resulted in a lack of affordability and ownership of well-located assets, this project will provide a new solution, boasting urban regeneration benefits and occupant experience improvements,” says Laurent Fischler, head of investments, Asia Pacific of Ivanhoé Cambridge.

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