Allianz Real Estate has added $160m (€135m) worth of assets to its Japanese multifamily interests.
The manager, on behalf of the Allianz Real Estate Asia-Pacific (AREAP ) Core Fund 1 fund, has bought a portfolio of 18 newly-built properties, with 380 units offering 12,240sqm of net rentable area in Tokyo 23 wards.
Rushabh Desai, Asia Pacific CEO of Allianz Real Estate, told IPE Real Assets: “Residential in Japan has proved to be one of the most resilient and defensive asset classes. The strong performance of our existing portfolio has validated our conviction.”
Desai said occupancy had remained high because tenants were less inclined to move, especially during COVID-19....