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Allianz Real Estate to buy Japanese multifamily portfolio from Blackstone

Allianz Real Estate Holding agreed to purchase an 82-property multifamily portfolio in Japan.

Funds managed by Blackstone Group Inc. are selling the portfolio, which totals 4,600 units with a net rental area of 160,000 square meters and an occupancy rate of 97%.

The assets are owned on a freehold basis and are largely spread across Tokyo, Osaka, Nagoya and Fukuoka.

Allianz Real Estate signed the deal, expected to close in the fourth quarter, on behalf of several Allianz companies.