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CapitaLand’s open-ended fund adds S$141m residential portfolio in Japan to assets

CapitaLand Investment Limited (CLI) is acquiring six multifamily assets in Central Osaka, Japan in a S$141.4m (€98m) forward purchase agreement.


The acquisition of the 428 one-bedroom apartments marks an entry into the multifamily sector for the manager’s flagship regional core-plus fund, CapitaLand Open End Real Estate Fund (COREF).


Tan Lai Seng, managing director for Japan, CLI, said the multifamily sector in key Japanese cities, in particular Osaka and Tokyo, had demonstrated resilience over the past decade, driven by robust demand supported by urban migration to the cities.


Since its inception in September 2021, COREF has invested selectively in Japan, Singapore and Australia to achieve geographical diversification.


As well as the six acquired multifamily properties by COREF, Tan said CLI’s lodging trust, CapitaLand Ascott Trust acquired another three multifamily properties due for completion this year and next.


These investments, he added had brought the total multifamily properties owned by CLI vehicles in Japan to 30 across eight cities in the country.


Simon Treacy, CEO, private equity real estate, real assets, CLI, said: “Japan’s urban multifamily sector is one of the bright spots in the Asia-Pacific real estate market that has been growing steadily, demonstrating resilience through economic cycles.”

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