AXA IM Alts has purchased a 33-asset multi-family portfolio in Japan for ¥59 billion, around £374.7m.
The portfolio – located across Tokyo, Greater Osaka and Nagoya – was acquired from institutional investors advised by JP Morgan Global Alternatives Real Estate Asia-Pacific.
It consists of modern residential buildings comprising mostly one-bed apartments and 14 of the 33 assets have been awarded a DBJ Green Building Certification.
Laurent Jacquemin, head of Asia-Pacific real estate at AXA IM Alts, said: “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.
“All the properties in the portfolio have a strong track record of high occupancy and proven appeals to the respective cities’ thriving professional communities. Our decision to further scale our Japanese residential portfolio is testament to the market’s dynamism.”
