LOS ANGELES – June 22, 2017 – CBRE Global Investors and German investment company Universal-Investment have acquired a large portfolio of residential assets in Japan. The acquisition was made for the account of their client, Bayerische Versorgungskammer (BVK), one of Germany’s largest institutional investors.
The portfolio comprises 39 properties, with more than 1,500 residential units that are geographically well-diversified across Japan and are expected to provide long-term stable performance for the client. The blended occupancy is more than 90 percent, with the majority of the portfolio located in Greater Tokyo and other economically vibrant cities, such as Osaka, Sapporo and Fukuoka. The assets primarily feature compact residential units of excellent quality that are well-located in their submarkets, providing superior access to public transportation and only a short ride away from the nearest business districts.
“Occupier demand for compact residential apartments that are conveniently located in major cities in Japan has historically been exceptionally stable and is expected to remain so as the number of single-person households continues to increase,” said Michael Pierce, Portfolio Manager for CBRE Global Investors. “Stability of existing properties should be further buoyed as new supply is constrained by the rising cost of land, materials and labor. “The quality and composition of this portfolio make it uniquely well-positioned to outperform the broader market during our projected long-term investment period.”
“As one of the largest acquisitions we have made globally, it is the third investment in Japan and fifth in Asia jointly executed with CBRE Global Investors for the account of BVK and is consistent with the geographic diversification that German institutional investors are seeking,” said Alexander Tannenbaum, Managing Director at Universal-Investment in charge of the Real Estate division. “The projected economic growth in these markets coupled with the high demand for this class of residential units makes this investment a great fit for the BVK mandate.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.5 billion in assets under management* as of March 31, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
About Bayerische Versorgungskammer
Bayerische Versorgungskammer is the competence and service center for occupational and communal pension schemes and Germany´s largest pension scheme group under public law. As a public authority of the Bavarian Ministry of the Interior, it is the joint executive body of twelve liberal professions´ and communal pension schemes. Bayerische Versorgungskammer covers about 2.2 million insured persons in total, with contributions of € 4.4 billion and € 3.2 billion pension payments annually. It currently has € 69 billion assets under management and more than 1,200 employees. Visit www.versorgungskammer.de for more information.
With fund assets in excess of about EUR 310 billion under administration, thereof EUR 260 billion in own vehicles, over 1,000 funds and investment mandates and a workforce of around 650, Universal-Investment is the largest independent investment company in German-spoken Europe. The focus lies on the efficient and transparent administration of funds, securities, real estate and alternative asset classes. The 1968 founded company is headquartered in Frankfurt/Main and has subsidiaries and holdings in Luxemburg and Austria. As pioneer of the investment industry Universal-Investment is now market leader in the areas of master-KVG and private label funds. Owing to the strong growth since starting the real estate business in 2011, Universal-Investment established itself as leading company for institutional open-ended real estate funds in Germany. (As per 30 April 2017)
More information on www.universal-investment.com
For further information:
+49 69 71043-575