Hong Kong-based Dash Living and BlackRock have jointly acquired a multifamily asset in Japan for an undisclosed sum.
BlackRock is investing in the 29-unit property in Higashi Komagata in central Tokyo through a fund managed by its real estate business.
Daigo Hirai, BlackRock managing director and head of Japan Real Estate, said: “Japan’s real estate market for multifamily assets is highly attractive and offers substantial opportunities given the surge in business travel and tourism.
“We are excited to be collaborating with Dash Living to capitalise on this burgeoning demand by repositioning multifamily assets to generate value-add returns for our investors.”
Aaron Lee, CEO and founder of Dash Living said: “With a strong commitment to Japan, we are dedicated to further expanding our investment and growth opportunities to offer upscale and flexible accommodations in convenient and charming neighbourhoods throughout Tokyo.”
The strategy of the Dash Living-BackRock partnership is to transform residential buildings into flexible accommodations for business and leisure travellers in Japan and to benefit from value-add rental uplift.
Dash Living also had a joint venture with Schroders. They bought their first Tokyo residential asset last November for an undisclosed sum.
With more than 2,000 rooms in Hong Kong, Singapore, Tokyo, and Sydney, backed by Grosvenor, Taronga Ventures, Chinachem and others, Dash Living is one of Asia Pacific’s leading providers of rental housing.
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