CapitaLand Ascott expands Japan portfolio with 3 new rental assets

The transaction adds 233 units with 95% occupancy in Japan.

CapitaLand Ascott Trust (CLAS) purchased three rental housing properties in Kanagawa, Japan, for $38.3m (JPY4.6b) from Patience Capital Group.

The purchase includes Lime Residence Hiratsuka West, Lime Residence Hiratsuka East, and Live Casa Hiratsuka, according to a press release.

The properties reached completion between 2022 and 2024 and contain 233 units across the three assets. Occupancy is 95% with two-year lease terms, whilst the assets sit 30 minutes from Yokohama and 60 minutes from Tokyo by train.

On a financial year 2025 pro forma basis, the transaction has a 4.1% blended net operating income entry yield and a 0.2% accretion to Distribution per Stapled Security. CLAS used debt denominated in JPY for the funding.

Living assets constitute 17.5% of the CLAS portfolio value, with the trust maintaining a target of 25% to 30% for living sector assets and 70% to 75% for hospitality assets. CLAS holds 35 properties in Japan.

In October 2025, CLAS sold Citadines Central Shinjuku Tokyo for $222.7m (JPY25b). The trust is renovating Sotetsu Grand Fresa Osaka-Namba, with completion scheduled for the fourth quarter of 2026.

(JPY1 = SG$0.0084)

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