The JV has entered a sale and purchase deal to buy a portfolio made up of a range of properties across Japan.

Manulife Investment Management and investment specialist Kenedix have agreed to launch a ¥19.8 billion ($173 million) joint venture to acquire multifamily assets in large Japanese cities.

The JV has entered into sale and purchase agreements to acquire a seed portfolio comprising nine assets with acquisition of four assets completed. The JV also targets a pipeline of assets to be purchased in the near future, the organisations said. 

The seed portfolio consists of stabilized institutional-grade multifamily assets with more than 250,000 square feet of net rentable area. Five of the properties are located in Tokyo 23 Wards and the rest are in the Greater Tokyo Area, Osaka and Nagoya. 

This transaction marks Manulife’s first stand-alone multifamily investment in Japan, bringing Manulife’s real estate portfolio in the region to 580,000 square feet. The firm's total portfolio covers industrial, retail, and multifamily space strategically located in markets across Canada, the US and Asia-Pacific.

Kenedix, Inc., which was established in 1995, made a full-fledged entry into the real estate asset management business in 1999.