Dash Living Japan Acquires Strategic Seed Asset in Joint Venture with Schroders
- Written by Telegraph Magazine
Expands Tokyo Portfolio to 11 Locations to Meet Urban Professionals’ Accommodation Needs
TOKYO, JAPAN - Media OutReach - 6 November 2023 - Dash Living, Asia Pacific’s leading provider of rental housing, and global investment management firm Schroders with USD $923.1 billion assets under management[1], have jointly completed the acquisition of a strategic seed asset located in Ryogoku to further expand their portfolio in the Japan property market, which has been enjoying a surge in institutional capital inflow of late and increasing investments by major real estate investors.Palms Ryogoku, is a modern 49-key multi-family residential asset in the heart of Tokyo’s historic center of sumo wrestling. The riverside town of Ryogoku in Sumida ward hosts the sport’s most famous tournaments and is home to numerous sumo training stables. The ward also features the world famous Sensoji Temple, Tokyo SkyTree and various world-class restaurants, traditional craft workshops and cultural museums. It is conveniently located within walking distance from Tokyo’s train network, providing easy access to major commercial districts and international airports.
The new acquisition is the first seed asset of the joint venture and Dash Living’s eleventh location in Tokyo. It was formerly a residential asset with traditional Japanese leases, which will be repositioned into mixed-use, long and short-stay accommodation with fully furnished apartments and high-quality shared facilities, including Dash Living’s signature technology-enabled access to global shared amenities, events and customer services.
Demand for short-stay accommodation has been on the rise in Japan in recent years, thanks to the government’s policy to boost tourism entries to 60 million annually by year 2030. In 2018, Japan’s minpaku law came into effect and tightened regulation around offering short-stay accommodation. This helped to inject further supply in the market while maintaining the quality and safety of communities. Dash Living has been the pioneer and market leader in this sector, using technology, community-driven, and cost-effective regional operations to provide long-stay stable income while using short-stay to enhance rental yields. Up to 2023, Dash Living has successfully attracted foreign capital and exited three assets in Tokyo this year for their investors, delivering opportunistic-level returns in the living sector with the help of Crosspath Advisors, the asset manager for this strategic asset.
“Japan is currently Dash Living’s fastest growing market and could become our biggest by AUM and beds over the next few years. We are delighted to join hands with a world-class, trusted asset manager such as Schroders as we continue to expand our Asia Pacific portfolio on our quest to empower living in a connected world,” said Aaron Lee, CEO and founder, Dash Living. “Our first asset together in Ryogoku is ideal for urban professionals and provides an upmarket accommodation option in an accessible and unique neighbourhood in Tokyo.”
“Japan is one of our focused markets in Asia, and we are pleased to partner with a regional market leader like Dash Living who is equipped with proven track-record in creating value in the living sector. Dash Living’s entrepreneurial approach resonates well with ours and we look forward to our new journey together with this acquisition as well as many more to come,” added Keisuke Kusano, Head of Real Estate, Japan, Schroders.
Dash Living was founded in Hong Kong in 2014 and has since grown its footprint across key regions including Singapore, Japan, and Australia, building a connected living community across APAC. It marked a major milestone in 2021 when it kickstarted the first stage of its expansion in Tokyo. Since then, through a combination of expansion, strategic acquisition and rebranding of IntheHood Hospitality in 2022, its portfolio in the market has reached 11 locations in Tokyo.
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About Dash Living
Dash Living is Asia Pacific's leading provider of rental housing in Hong Kong, Singapore, Tokyo, and Sydney, backed by MindWorks, Grosvenor, Taronga Ventures, Chinachem, and more. With more than 2,000 rooms currently in our portfolio, Dash creates a global accommodation community through sharing economies, tech, and unique tenant experiences, empowering living in a connected world. In 2022 alone, nearly US$500 million in Gross Asset Value was acquired by renowned real estate asset managers to be managed by Dash Living.
Website: www.dash.co
About Schroders
Founded in 1804, Schroders is a global investment management firm with £726.1 billion (€846.1 billion; $923.1 billion) assets under management, as at 30 June 2023. Schroders continues to deliver strong financial results in ever challenging market conditions, with a market capitalisation of circa £7 billion and over 6,100 employees across 36 locations. The founding family remains a core shareholder, holding approximately 44% of Schroders' shares.
Schroders has benefited from a diverse business model by geography, asset class and client type. It offers innovative products and solutions across four core growing business areas; asset management, solutions, Schroders Capital (private assets) and wealth management. Clients include insurance companies, pension schemes, sovereign wealth funds, high net worth individuals and foundations. Schroders also manages assets for end clients as part of its relationships with distributors, financial advisers and online platforms.
Schroders aims to provide excellent investment performance to clients through active management. It also channels capital into sustainable and durable businesses to accelerate positive change in the world. Schroders' business philosophy is based on the belief that if we deliver for clients, we will deliver for our shareholders and other stakeholders.
