PGIM Real Estate acquires six-building multifamily portfolio in Japan

On behalf of its Asia core real estate strategy, PGIM Real Estate has acquired a six-building multifamily portfolio located across Tokyo and Yokohama, Japan, valued at approximately $120 million.

PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.4 trillion global investment management business of Prudential Financial

The portfolio consists of newly completed mid-market residential buildings, with a total of 353 residential units. Five of the properties are located in Tokyo and one is located in Yokohama, just south of Tokyo. All are situated in mature residential submarkets with neighborhood amenities and access to nearby metro and rail lines within a short walking distance.

“This portfolio presents an attractive investment opportunity due to its combination of strong property locations and stable in-place cash flows,” said Benett Theseira, PGIM Real Estate’s head of Asia Pacific. “Demographic drivers, including popu