Global investment manager AXA IM Alts has added €423m worth of assets to its residential portfolio in Japan.
The €188bn manager said it has acquired multi-family and purpose-built student accommodation assets in two separate transactions on behalf of clients.
The multi-family asset is a 1,482-unit portfolio comprising 29 assets located in high-density neighbourhoods within Greater Tokyo and Osaka. The student accommodation portfolio comprises four-newly constructed properties totalling 539 studio apartments in four highly populous neighbourhoods within Greater Tokyo, the manager said.
Laurent Jacquemin, the head of Asia-Pacific at AXA IM Alts, said the deals extend the manager’s residential footprint in two of Japan’s most densely populated cities, “where demand for high-quality residential units significantly exceeds current supply”.
“Against a volatile macroeconomic backdrop, the highly defensive build-to-rent and student accommodation sectors are two of AXA IM Alts’ strong conviction calls, reflecting their favourable demographic and societal drivers and attractive income and capital growth characteristics. Japan, and the APAC region as a whole, remains a key focus for the business.”
AXA IM Alts said the transactions mark its second and third acquisitions in Japan this year.
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