UBS, APG establish new $175m real estate investment club focused on the Japanese multifamily market

UBS Asset Management’s (UBS-AM) Real Estate & Private Markets (REPM) business, together with APG Asset Management N.V., a global pension fund manager, has announced a new Japanese multifamily real estate investment club.

The club has been launched with an initial commitment of $175 million from APG, on behalf of its pension fund clients, as a founding strategic partner.

The club aims to take advantage of strong underlying fundamentals in select Japanese residential submarkets, where strong population growth, shrinking household sizes, low home ownership and widespread noninstitutional ownership present attractive opportunities to create value. The asset class has a defensive profile as multifamily occupancy rates in the target markets have remained stable over market cycles and tend to hover around full capacity, providing steady and visible income streams for investors. Graham Mackie, head of real estate Asia Pacific at UBS-AM REPM, said, “Our collaborat