Allianz Real Estate buys residential assets in Tokyo for $122m

The logo of Europe's biggest insurer Allianz SE is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. REUTERS/Jacky Naegelen/File Photo

Allianz Real Estate, the real estate investment unit of German insurance major Allianz Group, has paid €110 million (about $122 million) for a portfolio of multi-family residential assets in Tokyo, Japan.

According to a company statement, the transaction involves 11 newly built assets with 275 units offering 8,400 square meters of net rentable area. The assets are located in Tokyo 23 wards and are on average within six minutes of a subway station.

The acquisition comes as the company’s existing multi-family portfolio in Japan continues to perform strongly, according to Allianz Real Estate Asia Pacific CEO Rushabh Desai. The said portfolio currently has over 96 per cent occupancy and rental growth, he added.

“Multi-family assets in Japan’s ‘big four’ cities, particularly Tokyo, continue to remain attractive with strong urbanisation trends coupled with limited net supply,” Desai said.

The deal follows Allianz Real Estate’s acquisition of a portfolio of multi-family residential assets in the country from Blackstone managed funds for about $1.2 billion in November.

In March, the real estate investment firm announced that its assets under management in Asia reached billion €5.5 billion ($6.5 billion) at the end of 2019, an 83 per cent rise from the previous year. It recently opened offices in China and Japan as part of an Asia Pacific expansion drive.

A significant number of Allianz Real Estate’s largest deals in 2019 took place in the Asia-Pacific region, including a $1.2 billion portfolio of core multi-family residential assets in Japan, as well as a 60 per cent stake in DUO Tower, a marquee commercial development in Singapore.

Globally, the company said its AUM reached a record €73.6 billion ($84 billion), up 16 per cent year-on-year, largely due to a continued diversification. Equity investments increased 20 per cent to €52.9 billion ($60.3 billion) while debt financing reached €20.7 billion ($23.6 billion), up 8 per cent year-on-year.

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.