AXA Investment Managers - Real Assets is investing ¥4.6bn (€37m) to buy a hotel in Hiroshima, Japan.
The manager said it has agreed to buy the Red Planet Hiroshima hotel from a joint venture between GreenOak Investment Management KK and Red Planet Japan.
Due for completion in the second quarter of 2020, Red Planet Hiroshima hotel will comprise 160 bedrooms, 14 parking spaces and a restaurant.
The Red Planet Hiroshima Nagarekawa hotel acquisition adds to AXA IM - Real Assets’ €2.5bn portfolio of hotels across 11 countries that it manages on behalf of clients, and is the third addition to its Japan hotels portfolio.
Laurent Jacquemin, head of Asia Pacific at AXA IM - Real Assets, said: “This acquisition is in line with our strategy to increase our exposure in the hotels sector in the region, and especially in the city of Hiroshima, which is consistently ranked as a top tourist destination in Japan for its world-renowned cultural landmarks, scenery, and cuisine.”
Jacquemin said the company will continue to seek further opportunities to add to its income-producing managed portfolio, on behalf of its clients.