BVK Adds 39-Asset Apt. Portfolio in Japan

The skyline of Osaka, one of the major Japanese markets in which CBRE GI and U-I have invested on behalf of BVK.

MUNICH—Bavarian pension group Bayerische Versorgungskammer is making another foray into Japan, this time acquiring more than 1,500 residential units across 39 apartment properties in the metro areas of that county’s major cities. CBRE Global Investors and Universal-Investment GmbH made the acquisition on BVK’s behalf. Deal terms were not disclosed; however, industry data show that apartment properties across Tokyo and other major Japanese markets have traded in the range of $140,000 to $280,000 per unit in recent months.

The majority of the portfolio is located in Greater Tokyo and other major markets, including Osaka, Sapporo and Fukuoka. The assets primarily feature compact residential units that are well-located in their respective submarkets. Blended occupancy in the portfolio is more than 90%.