Dutch not-for-profit cooperative pension investor PGGM has hired Scottish asset manager abrdn plc to oversee a Japanese real estate investment mandate.
The value of the mandate is not disclosed but primarily focuses on Japanese residential properties and is overseen by abrdn’s subsidiary abrdn Japan.
abrdn says the mandate marks an expansion of its real estate investment business in Japan. In line with the expansion, abrdn Japan has appointed Harumi Kadono as head of Japan real estate, the £506 billion (US$662 billion) asset manager says in a statement on October 8.
According to Anne Breen, global head of real estate at abrdn, the company is dedicated to building up its team in Japan and throughout the region.
“Amidst evolving policy and economic landscapes, the Asia Pacific market presents a rich tapestry of investment opportunities. Japan’s residential sector stands out due to its robust occupier demand and defensive attributes, continuing to draw significant capital from global investors,” Breen says in the statement.
Edinburgh-based abrdn manages £35 billion in real estate assets as of June 2024.
Zeist-headquartered PGGM has around 259 billion euros ($339.12 billion) of assets under management.
