German real estate (RE) investor Allianz Real Estate has agreed to buy a portfolio of multi-family residential assets in Japan valued at 1.1 billion euros ($1.2 billion).

The portfolio consists of 82 assets, of which 78 are located in Japan’s four major cities of Tokyo, Osaka, Nagoya and Fukuoka.

Allianz Real Estate, part of Allianz Group, bought the properties, which are 97 percent occupied, from U.S. Asset management company Blackstone.

More so, 55 percent of the portfolio is situated within Tokyo 23 Wards and 90 percent of the properties are within 10 minutes from a subway station.