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Allianz Real Estate acquires prime residential assets in Tokyo worth $173 million

By Valerie Kor

/ EdgeProp Singapore |

May 30, 2020 11:17 AM SGT

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SINGAPORE (EDGEPROP) - Allianz Real Estate has acquired a portfolio of prime multi-family residential assets in Tokyo for $173 million. The portfolio comprises 11 new buildings with 275 units, offering a total net rentable area of 90,417 sq ft. Boasting of a well-diversified tenant base, the assets are within six minutes’ walk to a subway station.

The latest acquisition follows a previous one in November 2019, when Allianz acquired a $1.73 billion multi-family residential portfolio that comprises 82 buildings spread across Japan. Both acquisitions are in line with Allianz’s strategy of acquiring core income-producing assets for the long term.

Rushabh Desai, CEO (Asia Pacific) of Allianz Real Estate, says that the recent acquisition is “one of the highest stabilised yield spreads in the region”. He adds that Japan’s “big four” cities, particularly Tokyo, continue to remain attractive with “strong urbanisation trends coupled with limited net supply”.

“Our existing multi-family portfolio in Japan is performing strongly with over 96% occupancy and rental growth as per our business plan,” says Desai.

As at the end of 2019, assets under Allianz Real Estate’s management amounted at $8.65 billion. The firm is the dedicated real estate investment manager within the Allianz group and is headquartered in Singapore. It recently set up an office in Tokyo and hired a senior asset management professional to be based there.

Read also:

Over 70% of office space at CapitaLand’s 79 Robinson Road taken up

Tokyo emerges as investor’s top choice in Asia Pacific: CBRE

Allianz to merge Pimco and Allianz Real Estate, manage over EUR100 billion in real estate

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