Nuveen Real Estate and Japanese asset manager Kenedix have expanded their Tokyo multifamily partnership with the acquisition of seven additional central Tokyo multifamily properties, totaling $224 million. The strategy’s portfolio now includes 22 properties with a GAV of $642 million.
Shu Wantanabe, director of capital transactions, Asia at Nuveen Real Estate, said, “We first identified the investment opportunities in the Tokyo multifamily sector in 2017 and formed our partnership with Bouwinvest and Kenedix. The sector has provided our investors the opportunity to tap into strong secular fundamentals and growth, adding resilience to their portfolios in a late-cycle market.
“Working with an on-the-ground operator is fundamental to building out our portfolio. Kenedix’s local reach has allowed us to source off-market deals and development projects due to their longstanding relationship with developers in the city.”
Located in central Tokyo, specifically
