Allianz Real Estate, acting on behalf of several Allianz companies, has acquired a portfolio of prime multifamily residential assets in Tokyo for approximately €110 million ($122 million).
The portfolio comprises 11 newly built assets with 275 units offering 8,400 square meters (90,000 square feet) of net rentable area. All assets are located in Tokyo 23 wards and are on average within six minutes of a subway station. The portfolio is stabilized and has a well-diversified tenant base.
This latest transaction follows the acquisition in November 2019 of a €1.1 billion ($1.2 billion) multifamily residential portfolio of 82 assets spread across Japan. Both deals underline the firm’s strategy of acquiring core income producing assets for long-term hold.
“This is an excellent addition to our existing multifamily residential portfolio in Japan, a sought-after asset class offering one of the highest stabilized yield spreads in the region. Multifamily assets in J
