Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Sign Up / Login Logout

Lost your password?
Register
Forgotten Password
Cancel

Register For This Site

A password will be e-mailed to you.

  • Capital Markets
  • Events
    • 2021 Mingtiandi Event Calendar
    • Join the Mingtiandi Asia Value-Add Forum 2021
    • Join the Mingtiandi Multi-Family Investment Forum 2021
    • Join the Mingtiandi Logistics Real Estate Forum 2021
    • Join the Mingtiandi Sustainable Real Estate Forum 2021
    • Join the Mingtiandi Data Centre Forum 2021
    • Join the Mingtiandi Office Strategies Forum 2021
    • Join the Mingtiandi Proptech Forum in November
    • More Events
  • MTD TV
  • People
  • Logistics
  • Asia Outbound
  • Retail
  • Design & Construction
  • Research & Policy
  • Advertise

Nuveen, Kenedix and Bouwinvest Invest Another $226M in Tokyo Apartment Portfolio

2020/12/15 by Michael Cole Leave a Comment

shinjuku

The top asset in this latest portfolio is in Tokyo’s bustling Shinjuku area

Nuveen Real Estate has teamed up with Japan’s Kenedix to add seven new assets to their Tokyo apartment portfolio, according to an announcement this week.

Tokyo Multifamily Partnership, a venture managed by Nuveen and Kenedix with backing from Dutch pension fund manager Bouwinvest is investing $226 million to acquire the recently completed portfolio which adds 428 homes to their holdings in the Japanese capital.

Altus Argus Enterprise

The investment is the fourth for the two year old partnership, with Nuveen seeing a bright future for apartment investment in one of Asia’s largest markets.

“Through our partnership with Kenedix and Bouwinvest, we have been able to make a series of strategic transactions across the growing multifamily market in Tokyo,” said Nuveen Real Estate’s head of Japan, Shu Watanabe. “We remain confident in the sector as we believe it offers continued resilience due to strong secular fundamentals and growth potential.”

Three of the four apartment investments by Nuveen and its teammates have taken place this year, as the partnership competes with institutional investors including Allianz Real Estate, AXA and Blackstone to secure the steady returns offered by the sector in 2020’s shaky markets.

Adding a Shinjuku Tower

The partnership’s latest acquisition is highlighted by an 18-storey property in Tokyo’s Shinjuku commercial hub, which accounts for 100 of the homes in the portfolio. The other six assets are also located in central Tokyo and enjoy favourable access to public transport, according to a statement.

shu watanabe nuveen

Nuveen’s Shu Watanabe is buying his fourth set of Tokyo apartments

“This latest acquisition, which was sourced combining ours and Kenedix’s local ‘on the ground’ expertise, benefits from an excellent location and high-quality finish, which we believe will ensure successful leasing going forward,” Nuveen’s Watanabe said, with the portfolio aimed at middle to upper income households.

Last month, Kenedix, which serves as the asset manager for the Tokyo partnership, became the target of a takeover bid with Sumitomo Mitsui Finance and Leasing Co and Singapore’s ARA Asset Management revealing that they are offering JPY 132 billion ($1.3 billion) to buy out the company.

MTD Proptech Report

This latest Tokyo transaction brings the partnership’s total portfolio to 35 properties and 1,940 homes with a gross asset value of $810 million. For Nuveen Real Estate, which is a unit of US financial services titan TIAA, the acquisition brings its assets under management in Japan to approximately $1 billion.

The partnership has raised $320 million in funding to date from three institutional investors, including founding investor Bouwinvest, and TIAA.

Japanese Apartments Heat Up

The deal this week comes 11 months after Nuveen, Kenedix and Bouwinvest had acquired an earlier set of seven Tokyo apartment properties in January of this year. In that $224 million purchase, the partnership had picked up properties in Shinjuku-ku, Shinagawa-ku, Taito-ku and Sumida-ku which provided a total of 428 units.

Office Investment

In March, Nuveen spent $140 million to acquire another ten residential properties in Tokyo and Osaka from Hong Kong-based fund manager PAG on behalf of its open-ended Asia Pacific Cities fund.

Earlier this month, Blackstone announced that it had spent JPY 110 billion to acquire a portfolio of commercial and residential properties, primarily in Tokyo and Osaka, with the vendor of that portfolio also said to be PAG. During February of this year Blackstone had spent JPY 300 billion to buy a set of Japanese apartments from mainland China insurer Anbang Insurance.

Also during this month the real estate division of AXA Investment Managers announced that it had invested JPY 70 billion to purchase a Tokyo apartment portfolio, marking its third major Japanese residential investment this year.

Related Stories

  • Nuveen, Bouwinvest Team Up to Buy $224M in Tokyo ApartmentsNuveen, Bouwinvest Team Up to Buy $224M in Tokyo Apartments
  • PGIM Buys Greater Tokyo Multi-Family Apartment Portfolio for $120M PGIM Buys Greater Tokyo Multi-Family Apartment Portfolio for $120M 
  • AXA Pays $880M to Add Tokyo Data Centre, Apartments to Japan PortfolioAXA Pays $880M to Add Tokyo Data Centre, Apartments to Japan Portfolio
  • Blackstone Buys $1B Japan Portfolio From PAGBlackstone Buys $1B Japan Portfolio From PAG

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Finance Tagged With: Bouwinvest, cm-Japan, daily-sp, Featured, highlight, Japan, Kenedix, multi-family, Nuveen Real Estate, Tokyo

Sustainability Forum

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Altus Argus Enterprise

Get Mingtiandi Delivered

Sustainability Forum

MTD TV

MTD TV Interview with Jeffrey Perlman of Warburg Pincus Now Online

Data Centre Operators Tackle APAC Expansion Challenges in MTD TV Panel

More MTD TV Videos

Latest Stories

lee-kok-sun GIC

GIC Invests in $1.2B US Retail JV with RPT Realty, Monarch, Zimmer

George Hongchoy, Executive Director & CEO, Link REIT

Interview with Link REIT Executive Director and CEO George Hongchoy MTD TV Asia Value-Add Forum 2021

Singapore and Japan Ranked Among Top Three Data Centre Markets Globally

Sponsored Features

Tony Horrell

Colliers’ Global Investor Sentiment Report Anticipates Up to 50% Surge in Investment in 2021 Sponsored Feature

Andrew-Slevin-John-Foord (4)

Insurtech to Help Address Underinsurance Across Asian Real Estate Assets in 2021 Sponsored Feature

CK Lau

Asia Pacific Logistics Sector: Increasingly Varied Sector Requires Multiple Approaches Sponsored Feature

More Sponsored Features>>

MTD-QR-Code-320

Top Stories

Allianz Real Estate Ups Japanese Holdings With $89.5M Tokyo Apartment BuyAllianz Real Estate Ups Japanese Holdings With $89.5M Tokyo Apartment Buy

Logos Aims for $2.3B Aussie Portfolio After Sydney, Singapore AcquisitionsLogos Aims for $2.3B Aussie Portfolio After Sydney, Singapore Acquisitions

CFLD Default on $530M Bond Highlights Developer Risks From China Credit…CFLD Default on $530M Bond Highlights Developer Risks From China Credit Crackdown


Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • Events
    • 2021 Mingtiandi Event Calendar
    • Join the Mingtiandi Asia Value-Add Forum 2021
    • Join the Mingtiandi Multi-Family Investment Forum 2021
    • Join the Mingtiandi Logistics Real Estate Forum 2021
    • Join the Mingtiandi Sustainable Real Estate Forum 2021
    • Join the Mingtiandi Data Centre Forum 2021
    • Join the Mingtiandi Office Strategies Forum 2021
    • Join the Mingtiandi Proptech Forum in November
    • More Events
  • MTD TV
  • People
  • Logistics
  • Asia Outbound
  • Retail
  • Design & Construction
  • Research & Policy
  • Advertise

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Newsletter Subscription
  • Terms of Use
  • Privacy
  • Advertise
  • Join the Mingtiandi Team