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Savills Investment Management acquires $218 mil worth of assets for Japanese portfolio

/ EdgeProp Singapore |

July 1, 2021 5:43 AM SGT

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Savills Investment Management has acquired new acquisitions worth $218 million for its Japanese residential strategy. The acquisitions were made on behalf of its own Savills IM Japan Residential Fund II (JRFII) and the sale was closed last month.

The deal consists of 10 residential assets in popular residential submarkets of central and outer Tokyo, central Osaka, and central Nagoya. The fund also acquired four new assets in April and May this year in the Tokyo neighbourhoods of Yoyogi-Uehara, Ikebukuro and Ikejiriohashi.

After the latest acquisition JRFII now consists of more than 1,500 residential units over 27 different properties of which 24 are in the Greater Tokyo area. The portfolio was launched in November 2020 and has been assembled with off-market transactions.

Overall, the portfolio has achieved a blended stabilised entry yield of 4% as well as a 92% occupancy rate, excluding forward commitments. “The size and liquidity of the Tokyo residential market means it is very resilient to external shocks, as has been proven during the Global Financial Crisis and more recently during COVID-19,” says Tadaaki Kurozumi, co-head of Savills IM Japan.

JRFII recently received an additional capital injection of $40 million from its cornerstone investor and it has the capacity to take on new equity partners. The fund’s acquisition pipeline includes about JPY13.8 billion of immediate actionable stock that could bring its total gross value to more than JPY71 billion.

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