AXA Investment Managers–Real Assets has bought an office development in Tokyo which will be occupied entirely by flexible workspace provider Regus when complated in 2021.

The Paris headquarted fund manager said the investment was part of its “global build-to-core strategy” and was carried out in partnership with Hong Kong firm Alyssa Advisors.

Situated in the central business district of Roppongi, the property is being developed by PAG Investment Management.

Demolition of the existing vacant building is expected to commence in the first half of 2019. AXA IM-RA, said the completed development will deliver roughly 3,500sqm of grade-A office space, comprising flexible floor plates across nine floors.

Laurent Jacquemin, head of Asia-Pacific said Tokyo was “an increasingly key market” for AXA IM–RA.

“The global shift towards flexible working is accelerating and we continue to identify ways to be real estate pioneers in this field, for the benefit of our investors,” he said.

“At the same time, securing a pre-let with a leading global business is a significant achievement, one that will support the reduction of the leasing risks associated with a new development.”