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TE Capital acquires portfolio of prime multi-family residential assets in Tokyo

By Valerie Kor

/ EdgeProp Singapore |

December 18, 2020 12:04 PM SGT

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SINGAPORE (EDGEPROP) - TE Capital Partners, on behalf of TE Japan Income Partners I, acquired a portfolio of prime multi-family residential assets in central Tokyo for US$50 million ($66.4 million) with an initial net operating income yield of about 4.0%.

The portfolio comprises two assets in the Minato ward and one in the Setagaya ward. Both are within an eight-minute walk from a train station. Of the three buildings, two are newly built and completed in mid-2020. The portfolio has 95% occupancy.

This is TE Capital Partners’ first foray into the multi-family sector in Japan, which is the third largest real estate asset class in Japan and has demonstrated stability across the past decade.

Read more: Third-gen Teo family’s TE Capital stays invested in Melbourne, undeterred by state of disaster

“This is an excellent opportunity for our investors to gain exposure in a quality multi-family residential portfolio in Tokyo, Japan, a sought after asset class offering one of the highest stabilized yield spreads in the region,” says Emilia Teo, managing director at TE Capital Partners.

The investors of TE Japan Income Partners I consist of the family office of Teo Tong Lim, the managing director of Tong Eng Group and other prominent regional family offices.

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