Allianz Real Estate, on behalf of companies with the Allianz group and an unnamed external institutional investor, has entered into a sale and purchase agreement to acquire a portfolio of multi-family properties in Tokyo for €75m ($89m).
The portfolio comprises of 12 newly-built buildings, with 256 units. “The assets will be acquired upon completion [of the transaction] and Allianz Real Estate intends to lease and stabilise the assets for long-term holding,” the company said in a statement.
A spokesperson confirmed to Insurance Asset Risk that the assets would likely be held for at least 10 years.
Including this transaction, Allianz Real Estate’s portfolio of multi-family properties in Japan now comprises of 120 assets with a gross value of €1.5bn, making up 23% of the asset manager’s total €6.6bn assets in the Asia-Pacific region.
Companies:Allianz Real Estate
