BlackRock partners with Dash Living to acquire multifamily asset in Tokyo

Rental housing service provider Dash Living has acquired a multifamily asset in Tokyo, Japan, together with BlackRock Real Estate. The deal, completed through a joint venture JV between the two parties, was dedicated to seeking “value-added rental uplift opportunities” targeting business travellers and tourists to Japan.

Aaron Lee, chief executive officer CEO at Dash Living, told FinanceAsia that the team targets three to five times rental uplift, compared with traditional rents. This occurs through investment in the property such as furniture, fixtures, equipment and branding, and the integration of Dash Living’s serviced apartment experience and centralised booking management technology. After costs, the net uplift is more like two...