Aberdeen Standard Investments and Sumitomo Mitsui Trust Bank have begun a joint venture to invest in Asia-Pacific residential housing.Douglas Appell
Aberdeen Standard Investments and Sumitomo Mitsui Trust Bank set up a joint venture to invest in resident real estate in Japan and other “mature” markets across the Asia-Pacific region.
An Aberdeen Standard news release Tuesday said the joint venture will “target investments in residential assets such as multifamily, senior housing, student housing and corporate housing,” primarily in Japan.
A Hong Kong-based spokeswoman for Aberdeen Standard said in an email that the joint venture will look to invest in properties with a gross asset value of more than ¥100 billion ($930 million) and aims “to raise hundreds of millions of dollars from institutional investors globally.”
For the Japanese market, Aberdeen Standard Investments will co-invest and co-manage investments with its Japanese partner’s affiliate, Sumitomo Mitsui Trust Real Estate Investment Management Co.
Other markets targeted for investment include Australia, Korea, Hong Kong and Singapore.
The news release said the joint venture will follow a “value-added investment strategy … acquiring newly constructed properties on a forward commitment basis, as well as older residential properties, which have the potential to be renovated, repositioned or converted.”