AXA Investment Managers - Real Assets is acquiring a 1.65-acre site in Sapporo, Japan for a ¥25bn (€200m) hotel and offices development.

The manager said it is acquiring the site on behalf of a client from Yamaha Corporation to construct the hotel-led development scheduled to complete in 2024.

AXA IM - Real Assets said the investment which represents the manager’s third investment in the city of Sapporo, forms part of the company’s ongoing strategy to undertake or acquire large-scale and high-profile developments in growth cities globally, building out its portfolio of core assets.

Laurent Jacquemin, head of Asia Pacific at AXA IM - Real Assets, said: “The transaction, which presents the rare opportunity to secure a project of this size, showcases our local team’s market-leading deal sourcing capabilities.

”We are confident in the long-term return profile of this opportunity thanks to the combination of our development expertise and the project’s strong location in a city consistently ranked as a top tourist destination in Japan.”