Singapore-listed CDL has acquired two residential portfolios, comprising 25 freehold assets from affiliates of BGO, for JPY35bn (鈧�223m) in Tokyo.
The portfolio offering 836 apartments marks the group鈥檚 first foray into Tokyo鈥檚 rental housing sector, following its private residential sector (PRS) ventures in Osaka and Yokohama.
CDL鈥檚 first PRS project in Japan, Horie Lux in Osaka, was acquired in 2019.
Sherman Kwek, CDL group CEO, said: 鈥淛apan鈥檚 favourable interest rate environment presents a timely and strategic opportunity for the group to expand our residential rental portfolio through a rare off-market transaction for well-performing assets.鈥�
With the latest acquisition, the group鈥檚 single largest private rented sector investment, CDL鈥檚 residential portfolio has expanded to 38 projects comprising more than 2,100 units with a total asset value of greater than JPY70bn.
Kwek said: 鈥淒espite economic volatility over the past few years, our Japan residential portfolio has remained resilient, with stable rental growth and strong occupancy of above 95%.鈥�
He said the investment aligned with the strategy of expanding in the global living sector to enhance its recurring income.
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