Ascott Residence Trust (ART) has signed a conditional sales and purchase agreement to acquire 18 rental housing properties in Tokyo for a total purchase price of ¥12.2 billion (S$158.6 million).

The properties comprise 509 units in eight wards in Tokyo, namely Shinjuku, Bunkyo, Meguro, Setagaya, Nakano, Suginami, Nerima and Taito Ku. They will be managed by Ascott International Management Japan Co. Ltd, a 60:40 joint venture between The Ascott Group Ltd and Mitsubishi Estate Co. Ltd, upon legal completion.

Japan enjoys an established and growing rental housing market. ART’s acquisition of the 18 properties in Tokyo will thus offer investors added exposure to this market in one of the world’s most important economic centres.