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Hines snaps up 5 multifamily properties in Tokyo, Kyoto
Hines has taken ownership of five multifamily properties in Japan on behalf of Hines Asia Property Partners (HAPP), the firm’s flagship Asia Pacific core-plus fund.
The assets, which are spread across Tokyo and Kyoto, consist of 9,300 square meters (100,104 square feet) and 290 units. They will target urban dwellers in key Japanese cities, according to Mingtiandi.
“The Japan multifamily market remains an attractive investment strategy due to its resiliency of income, stable yield, large number of available investable assets and attractive risk-adjusted returns,” said Jon Tanaka, country head of Japan at Hines.
In December 2022, HAPP acquired 11 multifamily properties in Japan, totaling more than 14,000 square meters (151,000 square feet) and more than 400 units in Tokyo, Nagoya and Fukuoka. This was the fund’s first multifamily investment in Asia Pacific, kicking off a series of acquisitions by the fund to amass a portfolio of rental multifamily