The Abu Dhabi state investor Mubadala has partnered with Proprium Capital Partners and Manulife Investment Management to create a $600 million property portfolio in Japan as part of its efforts to broaden its worldwide reach.
Samurai Capital, an asset manager with expertise in managing multi-family assets in Japan, will also be a partner in this endeavour, according to sources.
Thomas Wong, partner of Proprium Capital Partners, said: “We believe that these properties will outperform the market and generate positive returns for our investors. Through the collaboration between Proprium and our co-investors, we look forward to scaling up in the Japan multifamily sector.”
According to the statement, this property portfolio will primarily serve metropolitan residents of Tokyo and Osaka, and these homes will also provide easy access to neighbourhood services including train stations.
Kenneth Tsang, senior managing director and head of Real Estate Asset Management, Asia for Manulife Investment Management, said: “Our investment in this venture provides us with a further footprint in Japan and the multifamily sector which remains our favorable asset class globally. We believe the partnership will help us accelerate our growth plans and strengthen our competitive market position not only in Japan but also globally.”
“Japan is a key strategic market for Mubadala, and we look forward to working with our partners to create long-term value and deliver sustainable high-quality living spaces for communities across the country,” said Matthias Neuling, head of Asia Real Estate for Mubadala.