CLSA Capital buys Japanese real estate services platform
CLSA Capital Partners (CLSA CP) has acquired House Partner Holdings, a real estate services provider focusing on apartment rental agencies in the Greater Tokyo area.
The firm made the purchase through its Sunrise Capital III fund, which focuses on mid-cap Japanese buyout opportunities. Financial details of the transaction have not been disclosed, though Sunrise Capital III typically targets buyouts with enterprise valuations in the JPY5-15 billion ($47-141 million) range.
Founded in 2002, House Partner works with rental agencies, providing services such as real estate brokerage, apartment renovations, and construction planning, along with apartment management. As of July 2018, it had over 12,000 apartments under management across the Greater Tokyo area, with an occupancy rate of over 90%.
House Partner’s existing leadership team, headed by president and CEO Hiroshi Ueno, will continue to manage the company following the acquisition. According to a statement, CLSA CP wants to make improvements to the organizational framework and recruitment processes, and support new branch openings in Tokyo and surrounding prefectures.
Sunrise Capital III closed last year at $400 million, bringing the total raised by CLSA CP for the Sunrise platforms to nearly $1 billion since 2006. The Sunrise vehicles concentrate on consumer products, healthcare, retail, logistics, and manufacturing.
Investments this year include online appliance retailer Moa Group, beauty salon chain Agu Group, and uniform rental business Marubeni Mates. In addition, CLSA CP completed bolt-on acquisitions of advanced industrial services company HamaEngineering and salon operator Puzzle.
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