CapitaLand Ascott Trust (CLAS) has acquired three freehold rental housing properties in Southern Kanagawa, Greater Tokyo, Japan for JPY4.6bn (€25m) from an unrelated third party.
The Lime Residence Hiratsuka West, Lime Residence Hiratsuka East and Live Casa Hiratsuka properties have an average occupancy of over 95% and average lease terms of about two years, providing stable income.
Serena Teo, chief executive officer of CapitaLand Ascott Trust Management and CapitaLand Ascott Business Trust Management, said: “The acquisition expands our living sector portfolio with prime rental housing, which is seeing high demand from the large and diverse working-age population in Greater Tokyo amid limited new supply.
“The three properties will benefit from strong corporate demand from nearby industrial areas and offer an idyllic coastal lifestyle that appeals to working professionals. We will continue to actively reconstitute and enhance our portfolio in Japan.”
Following the acquisition, living assets will account for 17.5% of CLAS’ portfolio value. CLAS said it remains on track to achieve its medium-term portfolio allocation target of 25%-30% in the living sector and 70%-75% in hospitality assets.
CLAS will have 35 properties in Japan, comprising a serviced residence, four hotels, 29 rental housing properties and a student accommodation property.
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