Mirae Asset Maps Reality Investment Company, a listed real estate investment company (REIT) operated by Mirae Asset Global Investments, bought four rental housing properties in Tokyo, Japan.
On the 1st, according to Mirae Asset Global Investments, Mirae Asset Maps Reality Investment Company completed the purchase transactions of four Tokyo multifamily assets.
The acquisition totals 238 households. The total purchase price is 10.45 billion yen (about 90.6 billion won). Multifamily refers to rental-only apartments designed for multiple households.
The four assets added this time are newly built properties completed between 2024 and last year, with an average occupancy rate above 95% as of the end of July this year.
With this transaction, the scale of residential assets held by Mirae Asset Maps Reality Investment Company in Japan increased to about 20.8 billion yen (about 180 billion won) at purchase price, totaling 737 households. Previously, the company also bought four multifamily buildings adjacent to Osaka's central business district last year.
Mirae Asset Global Investments expects demand for rental housing to continue expanding mainly in Japan's major metropolitan areas. The number of single-person and small households and foreign tenants is steadily rising, and demand is also growing for shifts to renting as home sale prices climb.
Japan's rental housing market has maintained an average occupancy rate above 96% over the past decade, and rents are also trending higher.
Vice Chairman Choi Chang-hun of Mirae Asset Global Investments said, "We judge the investment appeal of Japan's multifamily market to be high, given stable rental demand and the potential for rent growth," and added, "Along with stable rental income, we also expect improved dividend income from rising rents and capital gains from future asset value increases."