The firm's real estate investment arm has acquired the ¥39 billion ($369 million) Tokyo logistics facility in a joint venture with fund manager ESR.
The ESR-Axa vehicle purchased the 142,000-square-meter ESR Kuki, located in the north-eastern area of Saitama prefecture, from ESR-managed vehicle Redwood Japan Logistics Fund II (RJLF II) and co-investors.
The site is built to the highest specifications and meets the latest ESG standards (CASBEE A certification), and is energy-saving compliant. The asset benefits from a human-centric design with plentiful amenity space for workers, such as children’s daycare centre, and access to 241 parking spaces, the announcement said. According to real estate intelligence platform Mingtiandi, Amazon leased nearly half of the facility just seven months ago.
«The demand for modern logistics space in this market is likely to remain strong due to tight supply and we are confident that this, coupled with the continued growth of e-commerce, will enable us to deliver secure income returns over the long term for our clients, alongside our joint venture partner,» Laurent Jacquemin, Axa IM - Real Assets head of Asia-Pacific, said in a statement on Thursday.
Expanding Core Portfolio
The acquisition adds to Axa Investment Managers – Real Assets' Japanese logistics platform which comprises a six asset portfolio acquired on behalf of clients last year for over ¥100 billion, as part of its Japanese joint venture with ESR established in 2018.
Axa said the joint venture will «seek further investment and development opportunities diversified across Japan’s gateways cities, targeting large high-quality modern logistics facilities which have the ability to deliver secure income returns over the long term.»
Axa IM - Real Assets is part of Axa IM Alts, which has €146 billion of assets under management as of end of March 2020, across real estate, infrastructure, private debt, structured finance and hedge funds
