AXA IM Alts has bought a portfolio of two residential assets from PGIM Real Estate Japan for ¥10.6bn (€82m).

The asset manager said the acquisition of the Zeus Nishi Umeda and Serenite Esaka assets were made on behalf of clients.

Zeus Nishi Umeda contains 214 apartments and Serenite Esaka, comprises 132 prime studio and one-bedroom apartments as well as four fully-let retail units.

The latest deal lifts the manager’s Japanese real assets portfolio to €2.6bn. AXA IM Alts has a €23bn global portfolio of residential assets under management spread across 15 countries.

Laurent Jacquemin, the head of Asia-Pacific at AXA IM Alts, said the acquisition presents an opportunity to capitalise on both Osaka’s “continued population and economic growth, which have been driving the residential market”.

“Both of these well-connected assets have a strong track record of high occupancy and appeal to the city’s thriving community of professionals and young families.”

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