Samty Holdings, a Japanese accommodation developer and hotel operator owned by Hillhouse Investment Management, has sold two investment pools of multifamily assets to undisclosed international sovereign wealth funds.
The buyers will retain Samty as the lead asset manager of both investment pools, which encompasses an asset portfolio of 30 newly-built multifamily assets from Samty, totalling around 49 billion yen ($330 million) in gross asset value. Nearly 70% of the assets are in Tokyo, Osaka and other major cities in Japan, with proximity to public transportation, according to a release on Tuesday.
The first investment pool, which consists of eight assets, will be managed solely by Samty, while the second investment pool of 22 assets will be co-managed by Samty alongside Japan’s privately-owned real estate investment management firm Alyssa Partners, per the release.
The asset sales come after Samty’s final close of its ¥58 billion ($390 million) private real estate fund in late July. In January, Samty completed its privatisation backed by Hillhouse Investment’s Rava Partners division and Daiwa Securities Group in a deal that valued the company at about $1.13 billion.
“…Following the recent close of their hotel-specific fund, this latest news means that we have cumulatively raised more than ¥100 billion in a short time span,” Joe Gagnon, co-head of Rava Partners and partner at Hillhouse, said in the release.
