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Japanese investment to grow Waldorf business

Japanese investment to grow Waldorf business

The purchase of a major stake in an Australian and New Zealand company that manages serviced apartments signals growing interest in the local holiday market from Japan.

Firms: Clayton Utz, Simpson Grierson (Daiwa Living Management and Cosmos Initia); Landerer & Company (Waldorf Australia and New Zealand)

Deal: Waldorf Australia and New Zealand (Waldorf) has sold 75 per cent of its company to a Japanese rental housing management group.

Value: Undisclosed

Area: M&A

Key players: Landerer & Company advised the vendor Waldorf on the transaction.

Clayton Utz advised Daiwa Living Management and Cosmos Initia on the corporate aspects of the deal. The team was led by partner Hiro Kano (pictured), with assistance from partner Michael Richardson and senior associate Shigeki Yamaura.

Deal significance:

Daiwa Living Management (DLM) and Cosmos Initia are subsidiaries of Daiwa House Industry, which The Australian reports to be one of the largest publicly listed construction and development companies in Japan. As part of the agreement, DLM and Cosmos Initia purchased 75 per cent of the Waldorf business for an undisclosed sum.

Waldorf owns over 1,500 serviced apartments in Sydney, the NSW Central Coast, Canberra, Leura, Geraldton, Perth and Auckland.

DLM, which currently manages about half a million local rental properties in Japan, is believed to have been looking to get a foothold in the Australasian region for some time.

As part of the deal, Waldorf founding director Avi Rubinstein will retain 25 per cent of the company.

“The sale to DLM group will bring forward our plans to further improve services and allow the business to expand significantly in the coming years,” Mr Rubinstein said.

“We expect to grow our business to more than 5,000 apartments in time and this will greatly enhance our brand awareness and increase our competitiveness.”

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