AXA IM Alts has marked its entry into Japan’s retail real estate market with the acquisition of a 2,400sqm asset in central Tokyo.
The asset manager has invested an unspecified sum to acquire the fully-let retail-led asset in the Omotesando and Harajuku submarkets.
Antoine Mesnage, head of Asia Pacific at AXA IM Alts, said: “AXA IM Alts continues to expand its presence in Japanese asset classes positioned for strong long-term growth. This latest acquisition is evidence of our strategy, seeing us enter the Japanese retail market as the sector continues to grow.
“The asset benefits from a strong tenant base and prominent position in one of Tokyo’s most successful retail submarkets, providing stable income from a blue-chip international fashion brand as well as a positive outlook for future returns linked to retailers’ ongoing preference for well-positioned physical stores as part of multichannel retail strategies.”
The latest acquisition lifts AXA IM Alts’ assets under management in Japan to €3.2bn.
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