Manulife Investment Management forms $170m JV with Kenedix

Manulife Investment Management and Kenedix have launched a JPY 19.8 billion ($170 million) joint venture pursuing acquisitions of multifamily assets in Japan’s major cities.

The joint venture has entered into sale and purchase agreements to acquire a seed portfolio comprising nine assets with acquisition of four assets completed.  The joint venture also targets a pipeline of assets to be purchased soon.

The seed portfolio consists of stabilized institutional-grade multifamily assets with more than 250,000 square feet of net rentable area. Five of the properties are located in Tokyo 23 Wards, and the rest are in the Greater Tokyo Area, Osaka and Nagoya. All are high-quality, stabilized assets with convenient access to railway stations and nearby neighborhood amenities.

This transaction marks Manulife’s first standalone multifamily investment in Japan, demonstrating its commitment to growing its real estate exposure in the Asia Pacific region. The acquisition