CapitaLand buys multifamily assets in Japan, strengthens leadership bench in Japan and China

Capital Investment (CLI) has announced the acquisition of six multifamily properties in central Osaka, Japan, worth a total of $141.4 million. The agreement, which was entered into with an established Osaka-based residential developer, was for CLI’s flagship regional core-plus fund, CapitaLand Open End Real Estate Fund (COREF).

This marks COREF’s foray into the multifamily sector and brings the group’s total investment in Japan to $1.1 billion across 60 properties. Tan Lai Seng, Managing Director for Japan of CLI, says the six multifamily properties are located close to the commercial districts of Umeda and Namba and are within walking distance of their respective subway stations.

The portfolio comprises 428 premium one-bedroom apartments that are targeted at corporate tenants and middle-income couples, and will be completed in phases from May 2023 to June 2024. Additionally, CLI also revealed two key appointments – Hideto Yamada and Kara Wang – in Japan and China respectively.

Senja Residences is a new 99 years leasehold executive condominium development located at Senja Close EC Senja Close in District 23, with 300 units and resort-style facilities, near Bukit Panjang Integrated Transport Hub for easy access.

Mr Hideto Yamada will be taking over from Mr Tan as Managing Director for Japan from April 17, while Ms Kara Wang has been named Chief Investment Officer for CLI China, effective from May 5. Mr Yamada, a veteran in Japan’s real estate sector, will lead the CLI Japan team into its next phase of growth and further develop CLI’s partnership with its onshore capital partners.

Ms Wang, who will be a senior member of the CLI China leadership team, will be tasked with enhancing CLI’s position in China – a core market for CLI. She will be spearheading direct investments for CLI China’s onshore and offshore fund products, driving inorganic platform acquisitions and serving as CLI’s country representative for Hong Kong.

The two appointments come at a time when CLI continues to expand in Japan, an important focus market. With the new acquisitions and leadership appointments, CLI vehicles will hold a total of 30 multifamily properties across eight cities in Japan by FY2024, propelling the group to greater heights.