A wholly-owned subsidiary of Abu Dhabi’s sovereign wealth fund, the Abu Dhabi Investment Authority (ADIA), has joined forces with Singapore-based private equity firm SC Capital Partners and Goldman Sachs Asset Management to acquire a portfolio of luxury Japanese hotels.
The portfolio, which includes 27 hotels, was purchased from Daiwa House Industry, a Japanese developer.
The consortium paid US$900 million for the portfolio and has appointed Japan Hotel REIT Advisors to manage the properties.
It is not the first time that the ADIA and SC Capital have worked together; the two previously collaborated on a data centre investment programme.
According to Mohamed Al Qubaisi, executive director of the real estate department at the ADIA, Japan’s real estate sector “continues to deliver superior returns, and the country’s hotel market is well positioned for growth from the rebound of travel”.
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