Hines acquires five more multi-family properties in Japan
By Jennifer Venkat
/ EdgeProp Singapore |
The exteriors of Cavana Asakusabashi by morning (Photo: Hines)
SINGAPORE (EDGEPROP) - Global real estate investment, development and property manager Hines announced in a May 3 press release that it has acquired five new multi-family properties in Japan. The properties are located across Tokyo and Kyoto and comprise 290 units that span a total of 100,107 sq ft.
The deal was made by Hines Asia Property Partners (HAPP), the firm’s flagship commingled Asia Pacific core-plus fund, and takes the total number of multi-family rental assets in its portfolio to 16. This is HAPP’s second investment in multi-family assets in Asia Pacific, following its purchase of 11 multi-family assets in Japan last year. The 11 assets comprised over 400 units or 150,694 sq ft across Tokyo, Nagoya and Fukuoka.
The exteriors of Cavana Asakusabashi by evening. (Photo: Hines)
The multi-family rental sector in Japan is a resilient, non-discretionary sector in the Asia region and contributes as a stabiliser in a blended core-plus strategy, says Chiang Ling Ng, chief investment officer, Asia, at Hines. “It is anticipated to be defensive in an inflationary cycle, and with positive leveraged yields, these new acquisitions should continue to add to our growing footprint in the region, allowing us to deliver a high-quality portfolio to our investors.”
The latest acquisitions represent the continued effort of HAPP’s “living aggregation strategy” for Japan. HAPP seeks to scale up by US$1 billion ($1.33 billion) of asset value through the strategy in three to five years. The acquired properties are managed under the firm’s Cavana brand by targeting urban dwellers in major Japanese cities. Cavana focuses on sustainability initiatives and plans to implement tenant engagement schemes to encourage them to conserve water, recycle materials and reduce their carbon footprint.
The living interiors of Cavana Asakusabashi. (Photo: Hines)
The Japanese multi-family market remains an attractive investment strategy due to its resiliency of income, stable yield, a large number of available investable assets and attractive risk-adjusted returns, says Jon Tanaka, country head of Japan at Hines. “Our latest assets are in central locations across Tokyo and Kyoto, have good accessibility to the main CBDs and sustain our strategy of being extremely selective with high-quality acquisitions. We continue securing properties which we anticipate will produce stable income returns for HAPP and highlight our Cavana brand as a symbol of quality.”
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Top Articles
Search Articles