Property investment manager Nuveen Real Estate has acquired a portfolio of multifamily properties in Japan through its Asia Pacific Cities Fund, a vehicle that focuses on key and progressive cities across Asia.
According to an IPE report, the multifamily portfolio comprises ten residential properties with more than 600 individual units located across Tokyo and Osaka, adding to the firm’s growing property assets in the country.
DealStreetAsia has reached out to Nuveen via email and will update this article upon receiving responses.
Nuveen’s Asia Pacific Cities Fund focuses on 17 principal and progressive cities across the region, including Tokyo, Sydney, Brisbane, Singapore, and Seoul. The fund largely invests in office, retail, industrial, and residential assets.
The platform forms part of the firm’s global resilient series, which focuses on investing in high-quality assets in leading cities that are well-positioned in terms of long-term structural trends and possibly deliver attractive, risk-adjusted returns to investors.
In December, Nuveen Real Estate was reported to have raised more than $420 million for the Asia Pacific Cities platform from eight European investors, and another $60 million for its China Outlet Mall Fund.
The Japan deal followed Nuveen’s acquisition of seven additional multifamily properties in central Tokyo through its expanded partnership with Japanese asset manager Kenedix. The acquisition, totaling $224 million, involves 428 units.
Nuveen also acquired a 50-per cent stake in Odawara Logistics in Greater Tokyo, alongside an aligned co-investment partner, in December.
Odawara Logistics is a key logistics fulfilment centre for a leading e-commerce business in Japan, accounting for a quarter of the company’s total logistics storage space in the country. The company is the leading e-commerce operator in the country with a 25 per cent market share, Nuveen earlier said.
“Tokyo is a key principle city for investment for the Asia Pacific cities platform, offering a core, liquid, transparent, highly institutional and investable marketplace,” commented Louise Kavanagh, Managing Director Asia Pacific, Nuveen Real Estate.
