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UAE’s Mubadala forms venture to build ¥80bn portfolio in Japan

Mubadala said the properties are “high quality” and offer “convenient access to transportation and neighborhood amenities.” (AFP)
Mubadala said the properties are “high quality” and offer “convenient access to transportation and neighborhood amenities.” (AFP)
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14 Jun 2023 06:06:00 GMT9
14 Jun 2023 06:06:00 GMT9

Arab News Japan

DUBAI: Expanding its global footprint, Abu Dhabi state investor Mubadala has formed a joint venture with Proprium Capital Partners and Manulife Investment Management to develop a 80 billion yen ($600 million) property portfolio in Japan. 

According to a press statement, asset manager Samurai Capital — which has experience in managing multi-family assets in Japan— will also be a partner in this venture. 

Thomas Wong, partner of Proprium Capital Partners, said: “We believe that these properties will outperform the market and generate positive returns for our investors. Through the collaboration between Proprium and our co-investors, we look forward to scaling up in the Japan multifamily sector.” 

The statement added that this property portfolio will target urban dwellers in Tokyo and Osaka, and these residential dwellings will also offer convenient access to railway stations and nearby neighborhood amenities. 

Kenneth Tsang, senior managing director and head of Real Estate Asset Management, Asia for Manulife Investment Management, said: “Our investment in this venture provides us with a further footprint in Japan and the multifamily sector which remains our favorable asset class globally. We believe the partnership will help us accelerate our growth plans and strengthen our competitive market position not only in Japan but also globally.” 

The press statement further noted that this residential portfolio will follow principles of sustainability from the construction stage. 

“Japan is a key strategic market for Mubadala, and we look forward to working with our partners to create long-term value and deliver sustainable high-quality living spaces for communities across the country,” said Matthias Neuling, head of Asia Real Estate for Mubadala.

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