Allianz acquires Blackstone's €1.1bn Japanese apartments portfolio

Allianz Real Estate has marked its first major entry into Japan’s residential market with the acquisition of a €1.1bn portfolio from Blackstone. Blackstone acquired the portfolio in 2015 and, as reported in July this year, the US private equity firm had put the portfolio of 82 apartment blocks up for sale. Allianz Real Estate, acting on behalf of several Allianz companies, said it agreed to buy the portfolio, which comprises 4,600 units with 160,000sqm of net rentable area. Most of the assets are located in Tokyo, Osaka, Nagoya and Fukuoka, and the portfolio is 97% leased.