- February 1, 2022: Vol. 14, Number 2

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Allianz Real Estate, Ivanhoé Cambridge create US$2b platform for multifamily investment in Japan

by Jennifer Molloy

Allianz Real Estate, in partnership with Ivanhoé Cambridge and other investors, has established a platform to build a diversified portfolio of multifamily residential assets across top-tier cities in Japan.

The platform, Allianz Real Estate Asia-Pacific Japan Multi-Family Fund I (AREAP JMF I), is a Singapore-domiciled, closed-end fund. Fully invested, the venture will have an investment capacity of approximately US$2 billion in gross asset value. Equity commitments for AREAP JMF I were planned to total US$750 million within a few weeks of the platform’s announcement on 22 December 2021, but depending on the pace of capital deployment, the venture may increase equity to US$1 billion. For the first close, Ivanhoé Cambridge, the real estate subsidiary of Caisse de Dépôt et placement du Québec, and Allianz group companies, each committed US$250 million equity. Allianz Real Estate will serve as the investment manager and general partner of the platform.

The strategy

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