KREST purchases multifamily portfolio in Japan

KKR Real Estate Select Trust (KREST) has completed the purchase of a portfolio of 39 newly built multifamily properties in Tokyo.

“Japan is the world’s second-largest real estate market and an important priority for KREST as we continue to construct a broad and resilient portfolio of high-quality properties across the globe,” said Billy Butcher, CEO of KREST and COO of KKR’s global real estate business.

The portfolio was delivered in 2022 by a premier Japanese developer. The properties were master leased to a leading Japanese residential property manager with a contractual 100 percent occupancy rate, providing KREST with anticipated stable and dependable cashflows. The 39 newly built multifamily properties feature modern designs and are situated in 15 popular residential submarkets with convenient access to local train stations and Tokyo’s large transportation hubs.

“Tokyo’s residential sector is prized by investors for its exceptional strength and