An alternative investment fund jointly invested by the National Pension Service (NPS) and Allianz Real Estate (ARE) has started investing $160 million (189.5 billion won) in a residential building in Tokyo, Japan, Yonhap Infomax reported on August 18.

According to the report, ARE, manager of the joint fund, bought the new 18-story building for $160 million. ARE is a subsidiary of Allianz, specializing in real estate investment.

The building has a total of 380 households and a net rental area of 12,240 square meters.

NPS, the world’s third largest pension fund, and Allianz Group, which is a leading investor in global property, announced in June that they will jointly create a $2.3 billion fund to invest in real estate assets in Asia.

At that time, they said that the 50:50 fund would target properties in countries such as China, Japan, Australia and Singapore, betting on core opportunities in landmark office buildings, logistics facilities and residential complexes, or assets carrying low risks that generate stable income. (Reporting by Kyoungho Lee)