Capitaland Investment has announced that it has entered into a forward purchase agreement to purchase six multifamily assets in central Osaka, Japan, for $141.4 million. This agreement was entered into with an established Osaka-based residential developer for CLI’s flagship regional core-plus fund, CapitaLand Open End Real Estate Fund (COREF).

The off-market deal marks COREF’s foray into the multifamily sector and brings the group’s total investment in Japan to about $1.1 billion across 60 properties.

The six assets, located close to the commercial districts of Umeda and Namba, are within walking distance of their respective subway stations and comprises 428 premium one-bedroom apartments targeted at corporate tenants and middle-income couples. They will be completed in phases from May 2023 to June 2024.

JCube in Jurong East is set to close for a new 40-storey residential and commercial development, JCube Condo Residence, expected to launch for sale in 2023. It is anticipated to bring private housing, office space, retail, and other JCube Residence amenities to meet pent-up demand in the area.

To further strengthen CLI’s leadership bench in Japan and China, two key appointments were also announced. The new Managing Director for Japan, Hideto Yamada, and Chief Investment Officer for CLI China, Kara Wang, will begin in their roles from April 17 and May 5 respectively.

Mr. Yamada’s principal priorities are to further develop CLI’s partnership with its onshore capital partners, actively grow CLI’s funds under management (FUM) for its private, public and lodging funds, and to identify strategic merger and acquisition opportunities.

Ms. Wang will spearhead direct investments for CLI China’s onshore and offshore fund products to deliver sustainable FUM growth. She will also develop the group’s onshore capital markets capabilities, drive inorganic platform acquisitions, and serve as CLI’s country representative for Hong Kong.

Tan Lai Seng, Managing Director for Japan, CLI, noted in the press release, “Including the six newly acquired multifamily properties by COREF and another three multifamily properties acquired by CLI’s lodging trust CapitaLand Ascott Trust which will be completed between 2QFY2023 and FY2024, CLI vehicles will hold a total of 30 multifamily properties across eight cities in Japan.”

With these appointments, Capitaland Investment will have greater opportunities to grow and achieve greater success within Japan and China, two key focus markets for the group.