M&G Real Estate acquires properties in Kobe and Nagoya
Three residential properties in Japanese cities are bought for US$57 million
M&G Real Estate, a financial solutions provider for real estate investors, has acquired a US$57 million (6.07 billion yen) residential portfolio of three assets, with two properties located in Kobe and one property located in Nagoya.
The acquisitions were made on behalf of M&G’s core Asia property strategy for institutional investors. The strategy is managed by Richard van den Berg and marks its fourth residential portfolio acquisition in Japan.
Strategically located in established residential neighbourhoods with access to public transportation, employment and amenities, this portfolio comprising 307 multi-family residential units is almost fully occupied.
Richard van den Berg comments, “Japan’s residential market, particularly in key metropolitan cities, remains robust and resilient and we will continue to focus on acquiring assets that provide stable and core income to our investors. Rental demands in the residential sector are high in key cities such as Kobe and Nagoya as the population increases and barriers to entry for purchase remain high.”
“We were among the first movers to invest in the Japanese residential sector over five years ago and we are delighted to add these three assets to our portfolio which will now consist of 23 buildings with more than 1,700 units and over 67,000 square meters,” he adds.
M&G Real Estate is the real estate fund management arm of M&G Investments.
8 Oct 2019