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Blackstone sells 80 Japan condos to Allianz for $1.2bn

German insurer sees strong rental demand in Tokyo and Osaka

Rents in Tokyo are rising as working couples seek homes near their jobs.   © Reuters

TOKYO -- German insurer Allianz is making its first large-scale property investment in Japan, spending about 130 billion yen ($1.21 billion) to buy roughly 80 rental condominiums in Tokyo and Osaka from U.S.-based Blackstone Group.

The purchase will be made by Allianz Real Estate, which seeks to expand its portfolio beyond Europe and into Asia. The properties are mainly condos in Tokyo's 23 central wards. Despite Japan's shrinking population, rents in the area are rising as working couples seek homes closer to their offices.

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