AXA IM Alts has added €420m worth of multifamily properties in Japan to its APAC region residential portfolio.

The global manager said it has acquired a 33-asset portfolio located across Tokyo, Greater Osaka and Nagoya from institutional investors advised by JP Morgan Global Alternatives Real Estate Asia-Pacific.

Laurent Jacquemin, the head of Asia-Pacific, real estate at AXA IM Alts, said: “This transaction further extends our residential footprint in three of Japan’s most densely populated cities, where demand for high-quality rental accommodation exceeds current supply.

“All the properties in the portfolio have a strong track record of high occupancy and proven appeals to the respective cities’ thriving professional communities. Our decision to further scale our Japanese residential portfolio is testament to the market’s dynamism.”

AXA IM Alts has a €25bn global residential assets under management. The manager’s Japanese residential exposure currently stands at 7,800 units.

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