Two subsidiaries of Japan-based Daiwa House Industry Co. Ltd. increased their exposure in Australia and New Zealand by acquiring a majority stake in a privately owned serviced-apartment operator.
Daiwa Living Management Co. Ltd. and Cosmos Initia Co. Ltd. acquired a 75% stake in Waldorf Australia and New Zealand Group for an undisclosed amount, according to a release.
Waldorf's portfolio includes more than 1,500 serviced apartments. It operates in Sydney, Central Coast, Canberra, Leura, Geraldton, Perth in Australia and Auckland in New Zealand. It is considered to be one of the biggest operators in the Australasia, the release said.
Back home, Daiwa Living manages approximately 500,000 rental housing properties across Japan. The acquisition also provided the company with a chance to enter the Australasian market.