Nuveen Real Estate acquires multifamily portfolio in Japan for $140m

Asakusa, Taito, Japan. Photo: Claudio Guglieri/unsplash

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.

Singapore Reporter/s

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

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Singapore Reporter/s

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).

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

  • 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.