Aberdeen partners Weave Living to buy six Tokyo residential properties
The acquisition signals institutional confidence in Japan’s growing flexible-living demand and could encourage further investment in centrally located, transit-accessible rental properties.
Aberdeen Investments and Weave Living are acquiring six central Tokyo residential properties comprising 275 units, with five to operate as furnished flexible rentals.
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Aberdeen Investments is purchasing six residential properties in Tokyo in partnership with Hong Kong-based rental accommodation provider Weave Living.
The properties are being acquired on behalf of a European investor that is a long-term partner of Aberdeen in the region, the global asset manager said in an Aug 17 release. The deal value was not disclosed.
The properties being purchased were secured off-market through Weave Living. Comprising a total of 275 residential units, all six properties were completed between 2023 and 2026. They are located across different wards in central Tokyo, within a 10-minute walk of the nearest railway station.
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Five of the assets will be operated as furnished flexible rental apartments under Weave Place — a brand managed by Weave Living. The sixth asset will continue to be operated as a traditional built-to-rent residential property.
The properties will cater to growing demand for flexible living solutions in Japan, said Harumi Kadono, Aberdeen’s head of Japan real estate. “Partnering with Weave Living gives us an experienced manager on the ground in Tokyo and allows us to meet that demand with a genuinely differentiated rental product,” he added.
The purchase will strengthen Aberdeen’s Japan living portfolio, which stood at 57 properties with a total valuation of around JPY150 billion ($1.2 billion) as of June.
Meanwhile, Weave Living’s Japan portfolio has grown to approximately JPY110 billion since it entered the market in 2023.
“As part of the accelerated growth of our integrated living sector-focused funds management business in Japan and across Asia Pacific, we are delighted to announce this venture with Aberdeen Investments,” said Sachin Doshi, founder and CEO of Weave Living.