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CapitaLand buys multifamily assets in Japan, strengthens leadership bench in Japan and China

By Jennifer Venkat

/ EdgeProp Singapore |

April 3, 2023 5:08 PM SGT

Capitaland Investment (CLI) announced on April 3 that it has entered into a forward purchase agreement to acquire six multifamily assets in central Osaka, Japan, for $141.4 million. (Photo: CLI)

SINGAPORE (EDGEPROP) - Capitaland Investment (CLI) announced on April 3 that it has entered into a forward purchase agreement to acquire six multifamily assets in central Osaka, Japan, for $141.4 million. The agreement, which was entered into with an “established Osaka-based residential developer”, was for CLI’s flagship regional core-plus fund, CapitaLand Open End Real Estate Fund (COREF).

The off-market deal marks COREF’s foray into the multifamily sector and brings the group’s total investment in Japan to about $1.1 billion across 60 properties.

“Including the six newly acquired multifamily properties by COREF and another three multifamily properties acquired by CLI’s lodging trust CapitaLand Ascott Trust which will be completed between 2QFY2023 and FY2024, CLI vehicles will hold a total of 30 multifamily properties across eight cities in Japan,” says Tan Lai Seng, managing director for Japan, CLI, in the press release.

The six assets are located close to the commercial districts of Umeda and Namba and are within walking distance of their respective subway stations.The portfolio comprises 428 premium one-bedroom apartments that are targeted at corporate tenants and middle-income couples. They will be completed in phases from May 2023 to June 2024.

In a separate announcement on the same day, CLI says it is strengthening its leadership bench with two key appointments in Japan and China. Hideto Yamada will assume the role of managing director for Japan from April 17, while Kara Wang has been named chief investment officer for CLI China effective May 5.

Mr Hideto Yamada will be Managing Director for Japan from 17 April 2023. A veteran in Japan’s real estate sector, Mr Yamada will lead the CLI Japan team into its next phase of growth. (Photo: CLI)

Yamada will succeed Tan, who will relinquish his position and be appointed as adviser to CLI Japan. Yamada will lead the CLI Japan team into its next phase of growth. His principal priorities will be to further develop CLI’s partnership with its onshore capital partners, actively grow CLI’s funds under management (FUM) for its private, public and lodging funds, and to identify strategic merger and acquisition opportunities.

Ms Kara Wang will be Chief Investment Officer for CLI China from 5 May 2023. As a senior member of the CLI China leadership team, Ms Wang will be instrumental in enhancing CLI’s position in China, a core market for CLI. (Photo: CLI)

“Hideto is a highly regarded real estate executive in Japan with over 40 years of industry experience. His rich experience in dealmaking across global real estate markets, coupled with his extensive knowledge of Japan’s real estate sector will enable CLI to accelerate our expansion in Japan, an important focus market for us,” says Andrew Lim, group COO of CLI.

Meanwhile, Wang will spearhead direct investments for CLI China’s onshore and offshore fund products to deliver sustainable FUM growth. She will also develop the group’s onshore capital markets capabilities, drive inorganic platform acquisitions, and serve as CLI’s country representative for Hong Kong.

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