M&G Real Estate has acquired a residential portfolio spread across Japan for US$83.7m (€73.3m) for its core Asia strategy, and it is eyeing further acquisitions in the country.

The four properties contain 561 individual homes located in Osaka, Chiba and Fukuoka, and represent the fifth residential acquisition for the Asia core strategy.

CEO and CIO for Asia, Chiang Ling Ng, said M&G Real Estate planned “to increase exposure to Japan’s residential market, focusing on properties in major and growing cities”.

She said: “Japan’s residential market, particularly multifamily residential assets in Greater Tokyo and key regional cities such as Osaka, Chiba, and Fukuoka are providing attractive income opportunities as the key cities of Japan are expected to continue and support ongoing demand for rental housing.”

Ng added: “We will continue to seek further opportunities to balance our portfolio to leverage and grow our existing residential investment and asset management capabilities in Japan.”

M&G Real Estate’s most recent purchase in North Asia was the Centropolis Towers in Seoul for US$1bn in July.

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