Important Information
This site has been created for exclusive use by institutional investors only and does not take into account investment objectives, financial situation or specific needs of any individual investor. Information should not be the sole basis for any investment decision.
If you are not an institutional client, consultant or financial professional and are looking for more information about mutual funds and other products at Nuveen, please visit our site at www.nuveen.com.
Past performance is not a guarantee of future performance. All investments involve some degree of risk including loss of principal. Investment objectives may not be met.
By agreeing you are confirming you are being truthful, acknowledging you have read the information above and accept the terms and conditions set out with this site and meeting the intended audience requirement for this site. Not all content on this site is appropriate or applicable for the general public and we cannot guarantee consequences with the use of this information by unauthorized or unintended users. Content on this site may not be redistributed and is for informational purposes only and does not constitute investment advice or provide a solicitation of an offer to buy any security.
Login to access your documents and resources.
The client portal are currently unavailable
News
Kenedix, Nuveen Real Estate and Bouwinvest expand Tokyo multifamily partnership
- Tokyo Multifamily Partnership (TMP) completes a second close from existing investors - Bouwinvest, TIAA and another institutional investor.
- TMP has acquired seven additional central Tokyo multifamily properties, taking the strategy’s GAV to US$642m and a total portfolio of 1,535 units across 22 assets.
Nuveen Real Estate, one of the largest investment managers globally, and Japanese asset manager Kenedix, expanded their Tokyo multifamily partnership with the acquisition of seven additional central Tokyo multifamily properties, totaling US$224m. The strategy’s portfolio now includes 22 properties with a GAV of US$642m.
Located in central Tokyo, specifically Shinjuku-ku, Shinagawa-ku, Taito-ku and Sumida-ku, the seven new properties comprise 428 units and are aimed at middle to upper middle-market tenants seeking an urban lifestyle and strong transport connectivity.
In addition, the strategy has now completed its second close, taking the total to $284m from founding investor Bouwinvest, another institutional investor and Nuveen Real Estate’s parent company – TIAA.
The multifamily sector is the third largest real estate asset class in Japan and has demonstrated stability across 10-year performance. Globally, Nuveen Real Estate manages over $20bn of multifamily assets.
Shu Wantanabe, Director of Capital Transactions, Asia at Nuveen Real Estate, comments: “We first identified the investment opportunities in the Tokyo multifamily sector in 2017 and formed our partnership with Bouwinvest and Kenedix. The sector has provided our investors the opportunity to tap into strong secular fundamentals and growth, adding resilience to their portfolios in a late cycle market.
“Working with an on-the-ground operator is fundamental to building out our portfolio. Kenedix’s local reach has allowed us to source off-market deals and development projects due to their longstanding relationship with developers in the city.”
Soushi Ikeda, Managing Director, Head of Strategic Investment Department at Kenedix, says: “There is strong demand among investors in Japan and other countries for long-term core investments. Our core fund business, which focuses on assembling strategic investment portfolios by meeting this demand, has posted steady growth. TMP is one of the most important components of our core fund business. I am very pleased that this TMP expansion will enable us to provide new investment opportunities.
“Demand for residential properties in Tokyo has been very strong for several years. By maintaining the proper balance between properties for single people and families, TMP is able to produce a consistent return due to a high occupancy rate. Kenedix will continue to use these strengths and the Kenedix model to provide high-quality asset management services.”
Tjarko Edzes, Director Asia-Pacific Investments at Bouwinvest, adds: “Bouwinvest focuses on strong urban locations and we expect demand for residential rental properties in the region will continue to increase as demand from the rising middle class outstrips supply. Therefore, we are pleased to increase our investment exposure to central Tokyo residential assets through this successful partnership.”
TMP is part of Nuveen Real Estate’s enhanced series. This series applies strategies that work together with market cycles, are progressive in light of megatrends, focus on space optimization and identify mispricing opportunities including emerging sectors and locations. They are designed for investors looking for an enhanced level of capital growth from core-plus to opportunistic. In particular, this partnership focuses on generating consistent, stable income from a target demographic in the middle to upper-middle income bracket. Prior instances in the Asia Pacific enhanced series include a China Outlets investment platform and ERES APAC I – Silk Road.
All press enquiries
