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M&G boosts allocation to Japanese multifamily housing with $424m acquisition
Transactions - MARCH 18, 2022

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M&G boosts allocation to Japanese multifamily housing with $424m acquisition

by Andrea Zander

M&G Real Estate has purchased a portfolio of 30 residential assets in Japan’s gateway cities of Tokyo, Osaka and Nagoya for ¥49.2 billion ($414.5 million).

The deal, made on behalf of the M&G Asia Property Fund, substantially increases the fund’s exposure to one of Asia Pacific’s key multifamily markets, taking assets under management in the sector to ¥109.3 billion ($920.9 million).

All 1,575 apartments are within walking distance to transport and more than 90-percent occupied, reflecting the growing demand for well-located apartments in key cities. Such accommodation is highly sought after by young adults who continue to migrate from smaller cities into major metropolitan areas for education, job opportunities, and the convenience of amenities and infrastructure. While Japan's population is aging, cities such as Tokyo and Nagoya are projected to see population growth.

“This combined acquisition will bolster the Fund's resilience, particularly

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