The alternatives arm of Axa Investment Management has increased exposure to Japanese real estate with the acquisition of a multifamily portfolio.
Axa IM Alts has acquired a 33-asset multifamily portfolio in Japan for 59 billion Japanese yen ($460 million), according to a statement. The firm was advised by J.P. Morgan Global Alternative Real Estate Asia Pacific in the acquisition of the portfolio from institutional investors.
This transaction marks Axa IM Alts’ first acquisition in Japan this year and forms part of its long-term global strategy to invest in residential asset classes «supported by strong demographic drivers».
Japan Portfolio
The newly acquired portfolio is made up of residential buildings with predominantly one-bed apartments in Tokyo, Greater Osaka and Nagoya. Axa IM Alts’ exposure to Japanese residential assets currently totals around 7,800 units.
«This transaction further extends our residential footprint in three of Japan’s most densely populated cities, where demand for high quality rental accommodation exceeds current supply,» said Laurent Jacquemin, head of APAC, real estate at Axa IM Alts.
As of 30 September 2022, Axa IM Alts had 25 billion euros ($28 billion) of total residential assets under management (AUM) and more than 188 billion euros in overall AUM.
