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Nuveen Real Estate, Kenedix and Bouwinvest strengthen Tokyo Multifamily Partnership with further portfolio acquisition

Building in Tokyo
Nuveen Real Estate, one of the largest real estate investment managers globally, and Japanese asset manager Kenedix, have strengthened their Tokyo Multifamily Partnership with the acquisition of seven newly developed assets, comprising 428 units. The purchase price is US$226 million.

The portfolio now totals 35 properties and 1,940 units with a GAV of c. US$810 million.

Located in a highly sought-after neighbourhood in central Tokyo, the assets are well positioned to benefit from strong public transportation links to the Tokyo CBD targeting middle- to upper-middle income households. The most significant property within the portfolio is located in Shinjuku and comprises 18-storeys and 100 units.

The partnership has closed c. US$320 million to date from three institutional investors, including founding investor Bouwinvest, and TIAA.

Shu Watanabe, Head of Japan for Nuveen Real Estate, commented: “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. We remain confident in the sector as we believe it offers continued resilience due to strong secular fundamentals and growth potential.

“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.”

TMP is part of Nuveen Real Estate’s enhanced series. This series features 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 series of China Outlet strategies.

Following this acquisition, Nuveen Real Estate’s total AUM in Japan totals c. $1 billion.

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