AXA Investment Managers – Real Assets continues its buying spree with the latest acquisition of a Japanese mixed-use development site from Yamaha.
The asset manager agreed to purchase the 1.65-acre site based in Sapporo for ¥25 billion ($230 million) with the intention of constructing a hotel-led mixed-use development.
«The current plans comprise a single asset offering a mix of modern office space and hotel accommodation, addressing the two primary areas of demand in the local area, with advanced discussions already underway for the pre-let of both elements,» said an AXA announcement, adding that construction is scheduled to compete in 2024.
«This ambitious project will deliver significant new supplies of high-quality office and hotel accommodation to the Sapporo market, which is characterized by a clear shortage of Grade A stock coupled with soaring levels of demand,» added Laurent Jacquemin, APAC head of AXA IM - Real Assets.
The deal marks the latest transaction in the midst of a buying spree by AXA IM - Real Assets. The firm most recently purchased six assets with more than 3,500 student housing beds in Australia through a partnership with two other firms.
