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Hines fund buys into Japan multifamily property
Strategy to scale up to US$1 billion of asset value in five years, focus on sustainability
The Asset 8 Dec 2022

Property firm Hines’ flagship commingled Asia-Pacific core-plus fund – Hines Asia Property Partners (HAPP) – has acquired 11 multifamily properties in Japan, totalling over 14,000 square metres and more than 400 units in Tokyo, Nagoya and Fukuoka.

This is HAPP’s first multi-family investment in Asia-Pacific and marks the start of its living aggregation strategy for Japan, which is targeting to scale up to US$1 billion of asset value in three to five years.

Targeting urban dwellers in major Japanese cities, the properties will be managed under the firm’s new Cavana brand, which intends to focus on sustainability initiatives with plans to implement tenant engagement schemes to encourage them to conserve water, recycle materials and reduce their carbon footprint.

“We have seen an increased demand for multifamily properties in Asia-Pacific, so we have identified strategic opportunities like these to deliver high-quality products to the rental market,” says Chiang Ling Ng, chief investment officer for Asia, at Hines. “These acquisitions in Japan should help increase our growing portfolio in the region, while also expanding our investors’ exposure to the vibrant and increasingly popular multifamily sector across Asia-Pacific.”

Jon Tanaka, senior managing director, Japan, at Hines adds: “The timing is excellent for investing in the Japan multifamily market as it is the only country in Asia-Pacific with a substantial and established ‘for rent’ residential property sector, which is also attractive due to its stable yield and wide availability of investable assets.” 

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