Comforia Liv Higashi-Nakano was rebranded as Weave Place Shinjuku North (Image: Weave Living)
Apartment specialist Weave Living and Scottish asset manager Aberdeen Investments have acquired six residential properties in central Tokyo valued at JPY 15 billion ($92 million), forming the companies’ first partnership.
The portfolio totals 275 units, with Aberdeen making the acquisition for a “large European investor” that market sources identified as Dutch pension manager PGGM. The transaction lifts Weave’s Japan assets under management to JPY 110 billion since the Hong Kong-based firm entered the market in 2023.
The announcement did not identify the seller, though property images indicate that the package includes at least two former Comforia apartment blocks developed by Tokyu Land and now rebranded by Weave. Five of the properties are to operate as furnished, flexible-rental Weave Place assets, while the sixth will remain a traditional build-to-rent property.
“Partnering with an investor of Aberdeen’s standing is further endorsement of our ability to consistently secure attractive off-market investment opportunities in a competitive market with our marquee institutional capital partners,” Weave founder and CEO Sachin Doshi said Monday in a release.
Tightening Rental Market
The two assets identifiable from the release images are Weave Place Shinjuku North, the former Comforia Liv Kita-Shinjuku, a 48-unit, 13-storey property completed in February 2025; and Weave Place Nakano East, the former Comforia Liv Higashi-Nakano, a 35-unit property completed in June 2025.
Weave Living founder and CEO Sachin Doshi
The names of the remaining four assets were not disclosed. Aberdeen and Weave said the six buildings were completed between 2023 and 2026 in wards including Shinjuku, Nakano, Suginami and Toshima, with each property within a 10-minute walk of a rail station. The off-market purchase implies an average value of JPY 54.5 million ($334,500) per unit.
Doshi had previewed the transaction in a LinkedIn post last month, describing a separate account backed by a large European pension investor and six brand-new multi-family assets sourced through Weave’s proprietary developer network. He said the deal would bring Weave’s Tokyo footprint to 40 properties, supported by a 30-person local team, with about 5,000 units in operation or in the pipeline. Contacted by Mingtiandi, Weave representatives declined to comment further.
The acquisition comes as Tokyo’s rental market continues to tighten, according to data compiled by Savills. Occupancy across the capital’s 23 wards reached 96.8 percent in the first quarter, up 0.6 percentage points from the prior three months, while rents rose 1.3 percent from the previous quarter and 3.3 percent year-on-year. The central five wards posted 96.4 percent occupancy and 4.1 percent annual rental growth.
“We remain highly constructive on the outlook for Japan’s residential market, particularly in Tokyo, where strong rental demand, constrained supply and supportive demographic trends continue to underpin resilient fundamentals,” said Harumi Kadono, Aberdeen’s head of Japan real estate.
Aberdeen’s latest purchase follows a 2025 buying spree that included three standalone rental assets and a 29-property portfolio in Tokyo and Yokohama, taking the manager past 1,000 homes in Japan.
The activity builds on a 2024 mandate from PGGM, which invests for Dutch healthcare pension scheme PFZW. Aberdeen reported 57 Japanese properties valued at JPY 150 billion at the end of June.
Regional Rotation
The Aberdeen venture is Weave’s second large Tokyo portfolio transaction this year. In January, the company teamed with BGO to buy 10 apartment properties for JPY 22 billion, after recycling capital through the sale of three earlier Japan investments for a combined JPY 7.2 billion.
In Australia, Weave followed its 2025 acquisition of an 80-unit apartment project in Sydney’s Glebe with the purchase of an operating student-housing property in Ultimo in July. The price, asset name and room count were not disclosed, with the property set to relaunch under the Campus brand in 2027.
The company has also tested buyer demand for two Hong Kong rental assets as part of its capital recycling programme, seeking HK$460 million ($58.7 million) for a Kai Tak apartment building and HK$450 million for a 25-unit Robinson Road tower acquired with LaSalle Investment Management for HK$275 million in 2022.
In Singapore, Weave put the 65-key Weave Suites Midtown shophouse property on the market at S$95 million, below an earlier S$105 million asking price but above the S$75 million paid in 2022, extending the operator’s push to recycle mature holdings into new growth.
Founded in 2017, Weave owns and manages properties in its Hong Kong home market as well as Singapore, Japan, South Korea and Australia. Its portfolio spans six brands across co-living, furnished apartments, conventional rental housing and student accommodation.