AXA Investment Managers - Real Assets has added an 11-storey building to its residential portfolio in Japan.
The manager said it has bought the 8,778sqm S-FORT Sanno building in Nagoya from a Japanese real estate company for an undisclosed sum.
This acquisition is the manager’s third residential investment in Nagoya city and eleventh in Japan, where it has now invested more than ¥10bn (€83m) in residential assets on behalf of clients.
AXA IM - Real Assets said the acquisition is in line with its strategy, on behalf of clients, to invest into residential asset classes which it believes are supported by strong demographic drivers, while adding to its portfolio of over €15bn of residential assets under management spread across 11 countries.
Laurent Jacquemin, head of Asia Pacific at AXA IM - Real Assets, said: “Nagoya’s growing residential population and continuing investment in improving what is an already strong infrastructure offering underpins this latest off-market acquisition, in a market where we continue to leverage our advantageous local expertise, both in-house and via our partners.
”Furthermore, this latest addition to our Japanese residential portfolio offers strong income return potential and limited future capex, supporting our goal of long-term value creation on behalf of our clients.”
An earlier version of this story misstated the euro value of AXA’s residential investment in Japan.