AXA IM Alts has expanded its residential portfolio in Japan with the acquisition of two residential assets in Tokyo for €51.2 million (¥6.9 billion).
Comprising 158 studio, one- and two-bed rental apartments, presenting high-quality interior designs, across a total net internal area of c. 58,000 sq ft (c. 5,400 sqm), the portfolio consists of two premium, well-located assets with appealing local amenities.
The first property, Sugamo 3, is located in Tokyo’s Sugamo neighbourhood, a vibrant submarket famed for its retail offering and favoured by singles and DINKs (Dual Income, No Kids) for its wide variety of amenities and proximity to Tokyo’s CBD. The 98-apartment asset was built in 2009 and is located just a four-minute walk from Sugamo railway station, which offers direct access to the centre of Tokyo in under 20 minutes.
The second asset, Kuramae 1, is a c. 24,000 sq ft (c. 2,200 sqm) riverside property which was constructed in 2008 and comprises 60 units in the Asakusabashi submarket of Tokyo, renowned for its traditional atmosphere as well as its strong retail offering. Asakusabashi Station is accessible in six minutes by foot from the asset, with Tokyo’s CBD directly accessible via rail in under 15 minutes.
Laurent Jacquemin, Head of Asia-Pacific at AXA IM Alts, commented: “This transaction further extends our residential portfolio in Japan’s most populous city, adding into the portfolio two assets both benefitting from prime locations and strong local infrastructure. This acquisition is in line with AXA IM Alts’ wider long-term strategy to invest into residential asset classes which it believes are supported by favourable residential market fundamentals.”