CapitaLand buys multifamily assets in Japan, strengthens leadership bench in Japan and China
Capitaland Investment (CLI) has announced the acquisition of six multifamily assets in Osaka, Japan, for $141.4 million. The agreement was with an “established Osaka-based residential developer” for CLI’s flagship regional core-plus fund, CapitaLand Open End Real Estate Fund (COREF).
This off-market deal marks COREF’s foray into the multifamily sector and brings the group’s total investment in Japan to about $1.1 billion across 60 properties. The portfolio comprises 428 premium one-bedroom apartments located close to the commercial districts of Umeda and Namba. They are targeted at corporate tenants and middle-income couples, and will be completed in phases from May 2023 to June 2024.
Alongside this acquisition, CLI also announced two key appointments for leadership in Japan and China. Mr Hideto Yamada will assume the role of managing director for Japan from April 17, while Kara Wang has been named Chief Investment Officer for CLI China, effective from May 5. Both executives have extensive real estate experience, and are expected to drive CLI’s expansion in its focus markets.
To further grow CLI’s funds under management (FUM), Yamada will focus on developing its partnership with onshore capital partners, and will identify strategic merger and acquisition opportunities. Wang, meanwhile, will be responsible for driving direct investments for CLI China’s onshore and offshore fund products, while also developing the group’s onshore capital markets capabilities.
Tengah Plantation Loop EC GLS Tender is a land tender launched by the Singapore Land Authority (SLA) to create an executive condominium with numerous green features in Tengah. The tender is open to developers with a minimum of 10 years experience and $20mil in capital. Upon completion, the Tengah EC will be the first Tengah EC of its kind in the West region.
The increased focus on the multifamily sector in Japan and the new appointments mark CLI’s continuing commitment to the region and its people. With a total of 30 multifamily properties across eight cities, the acquisition places CLI firmly at the forefront of development and investment in the region.