AXA Investment Managers - Real Assets has invested an undisclosed sum to buy a 10-storey residential tower in Nagoya, Japan’s third-largest city.
The 5,965sqm Aden Imaike East building, constructed in 2007, comprises 171 rental units, including 63 studios and 108 one-bedroom apartments.
AXA IM - Real Assets said the acquisition of the Aden Imaike East building is the manager’s 13th in Japan and fifth in the Nagoya residential market.
The business has now invested more than ¥36.5bn (€300m) in Japanese residential assets on behalf of clients and adds to AXA IM - Real Assets’ €22bn portfolio of residential assets under management spread across 15 countries.
Laurent Jacquemin, head of Asia-Pacific at AXA IM - Real Assets, said: “This latest addition to our Japanese residential portfolio underlines our belief in the strength of the Nagoya market, supported by the city’s growing population and continued improvement in its infrastructure offering, both of which underpin the potential for us to generate stable income and long-term value creation on behalf of our clients.
“Our ability to conclude this deal against the backdrop of the current COVID-19 environment is testament to our deep-rooted expertise at a local and sector level, and our belief in the defensiveness of residential asset classes in prime locations with good transport connectivity.”
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