Real Estate

UBS AM Launches Japanese Multifamily Development

Editorial Staff 22 August 2023

UBS AM Launches Japanese Multifamily Development

The firm said that when deals for this year and 2022 are accounted for, it will have a portfolio with more than 2,400 units under management or development, with an end-value of more than $750 million.

UBS Asset Management's real estate and private markets (REPM) business has launched its largest-ever multifamily development project in Japan.

The property is expected to be worth more than $230 million upon its completion in early 2026, UBS Asset Management, part of UBS, said in a statement. 

The Swiss firm said the project is set to deliver 563 apartments over 18 floors, along with around 2,300 square meters of ground-floor retail space which has been pre-leased to a supermarket operator on a long-term lease. It is being developed in partnership with a local listed developer on behalf of a separate account mandate, UBS said. 

The total 7,000 square meter site is located in the Kiba submarket in the east of central Tokyo.

This is UBS-AM’s fourth multifamily deal in Tokyo this year, having earlier purchased two development sites and a newly-built multifamily property which together add over 270 units to the portfolio. In 2022, UBS-AM closed on four other multifamily development deals in Tokyo, adding another 350 units to its portfolio, which now comprises over 2,400 units under management or development, with an end value of more than $750 million.

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