Allianz Real Estate, Ivanhoé Cambridge establish $2b Japanese multifamily platform

Allianz Real Estate has established a new investment platform, in partnership with Ivanhoé Cambridge and other investors, to build a diversified portfolio of multifamily residential assets across top-tier cities in Japan.

The platform, Allianz Real Estate Asia-Pacific Japan Multi-Family Fund I (AREAP JMF I), is a Singapore-domiciled closed-end fund. Fully invested, the platform will have an investment capacity of approximately $2 billion in gross asset value. Equity commitments for the venture are currently planned to total $750 million within a few weeks, but depending on the pace of capital deployment, the venture may increase equity to $1 billion.  For the first close, Ivanhoé Cambridge, the real estate subsidiary of Caisse de Dépôt et placement du Québec, and Allianz group companies, each committed $250 million of equity. Allianz Real Estate will serve as the investment manager and general partner of the platform.

The strategy for AREAP JMF I is to acquire pr