Ascott Residence Trust (ART) will invest about JPY 10.4 billion (S$122.7 million/$90 million) to acquire four rental-housing properties and its first student-accommodation property in Japan.
The five properties will be acquired on a turnkey basis from two different sellers on a willing-buyer and willing-seller basis. The transactions are expected to be completed between first quarter 2022 and second quarter 2023.
Three of the rental-housing properties are located in Central Osaka, the economic and logistics center of Japan, while one is located in Fukuoka, one of the fastest-growing cities in the country. The student-accommodation property in Osaka serves the main campus of Kindai University (KU), which is Osaka’s second-ranked private university and also among the top-5 percent of universities globally. KU has more than 30,000 undergraduate students.
The three rental-housing properties in Osaka are Bentencho 5chome, Nakatsu 4chome and Sagisu 5chome. They wil