The real assets business of Axa Investment Managers (Axa IM) has completed the off-market acquisition of a residential tower block in Japan from a Japanese property firm for an undisclosed sum.
Comprising 230 rental units with private balconies, the 11-storeyed property is located in Nagoya at the centre of the Chukyo metropolitan district – the third largest in the country.
Laurent Jacquemin, head of Asia Pacific at Axa IM Real Assets, said the transaction forms part of the French firm’s strategy to invest in residential asset classes, which it believes are supported by strong demographic drivers.
This latest addition to its portfolio brings the total of residential assets under management to over €15 billion spread across 11 countries.
In October, Axa IM – Real Assets also added to its residential portfolio with the acquisition of NorthStar Realty Europe for €1.1 billion.
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