Heitman has extended its global living real estate strategy into the Japanese market with the acquisition of a portfolio of eight multifamily assets in Tokyo.

Heitman declined a request to disclose the acquisition cost.

The real estate investment management firm said five of the acquired properties are recently completed, with three properties under development and scheduled for completion by year-end.

Brad Fu, Heitman head of acquisitions of Asia-Pacific private equity, said: “We are seeing strong lease-up momentum and anticipate that we will see long-term resiliency in the residential sector underpinned by sustained urbanization and limited net new supply in Tokyo.”

Heitman, on behalf of its clients, already has nearly 20,000 units or $6.7bn worth of multifamily assets in North American and Europe.

Gordon Black, Heitman senior managing director and portfolio manager, said: “We identified Japan multifamily as a target for our initial global strategy’s portfolio construction due to its delinked demand drivers and cash flows less correlated to economic conditions.”

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