M&G Real Estate has invested JPY6bn (€51.5m) to buy a residential portfolio of three assets in Japan.
The acquired assets – two properties located in Kobe and one in Nagoya – were made on behalf of M&G’s core Asia property strategy for institutional investors, the manager said.
It represents M&G’s fourth residential portfolio acquisition in Japan.
Richard van den Berg, who runs the strategy for M&G, said: “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.”
With the latest acquisition, M&G now owns 23 buildings comprising more than 1700 units totalling more than 67,000sqm.
“We will continue to seek further opportunities to improve our residential investment and asset management capabilities to extract further value for our investors,” he said.