Weave and Aberdeen Acquire Tokyo Apartment Portfolio for $92M with PGGM Backing
Weave Living and Aberdeen Investments have partnered to acquire a Tokyo apartment portfolio valued at $92 million, backed by Dutch pension manager PGGM.
The real estate market in Tokyo continues to attract significant investment, with Weave Living and Aberdeen Investments announcing the acquisition of a six-property apartment portfolio in central Tokyo. The portfolio, valued at JPY 15 billion ($92 million), marks the companies' first partnership and lifts Weave's Japan assets under management to JPY 110 billion since the Hong Kong-based firm entered the market in 2023.
The portfolio consists of 275 units, with five of the properties operating as furnished, flexible-rental Weave Place assets and the sixth remaining a traditional build-to-rent property. The acquisition was made on behalf of a "large European investor" identified by market sources as Dutch pension manager PGGM.
The transaction highlights the growing demand for rental properties in Tokyo, where occupancy rates have reached 96.8 percent in the first quarter, up 0.6 percentage points from the prior three months. Rents have also risen 1.3 percent from the previous quarter and 3.3 percent year-on-year.
### Tightening Rental Market
The acquisition comes as Tokyo's rental market continues to tighten, with strong rental demand, constrained supply, and supportive demographic trends underpinning resilient fundamentals. Aberdeen's head of Japan real estate, Harumi Kadono, remains highly constructive on the outlook for Japan's residential market, particularly in Tokyo.
The acquisition is Weave's second large Tokyo portfolio transaction this year, following the company's partnership with BGO to buy 10 apartment properties for JPY 22 billion in January. Weave has also been active in other regional markets, including Australia, where it acquired an 80-unit apartment project in Sydney's Glebe and purchased an operating student-housing property in Ultimo.
### Regional Rotation
Weave's regional rotation strategy has seen the company test buyer demand for two Hong Kong rental assets as part of its capital recycling programme. The company has also put the 65-key Weave Suites Midtown shophouse property on the market in Singapore at S$95 million, below an earlier S$105 million asking price but above the S$75 million paid in 2022.
Founded in 2017, Weave owns and manages properties in its Hong Kong home market as well as Singapore, Japan, South Korea, and Australia. Its portfolio spans six brands across co-living, furnished apartments, conventional rental housing, and student accommodation.
| Property | Units | Completion Year | | --- | --- | --- | | Weave Place Shinjuku North | 48 | 2025 | | Weave Place Nakano East | 35 | 2025 | | | | | | | | | | | | |
Note: The names of the remaining four assets were not disclosed.
The acquisition of the Tokyo apartment portfolio marks a significant milestone for Weave and Aberdeen, highlighting the growing demand for rental properties in Tokyo and the companies' ability to secure attractive off-market investment opportunities.
