Ascott Residence Trust Management sells apartment in Tokyo

Ascott Residence Trust Management has sold Somerset Azabu East Tokyo. The new owner and financial terms were not disclosed; however, JLL, which advised the seller, said the price achieved represents a premium of approximately 63 percent to the current book value, reinforcing the continued strong demand for Tokyo real estate.

Somerset Azabu East Tokyo is a prime serviced apartment building comprising 79 studio and one-bedroom units. The asset has been acquired by a domestic investor consortium with the intent to reposition the property for multifamily residential use.

Asia Pacific hotel transaction volumes reached $5.8 billion in 2020 with Japan representing 40 percent ($2.3 billion) of this total, maintaining its position as the most liquid hotel investment market across the region.