AXA IM Alts has sold its newly completed a c. 4,000 sqm office building in Roppongi in Tokyo, Japan to a Korean-based investment and financial services company.
AXA IM Alts acquired the land, on behalf of clients, in December 2018, and utilised its development expertise to deliver a high-quality nine-storey office tower complete with state-of-the-art facilities and outdoor space, in the heart of the Roppongi area, opposite Tokyo Midtown.
The business secured a pre-let for the entirety of the building prior to commencing development, with Regus Japan having agreed to take a long lease to establish a flagship office for its SPACES coworking brand.
In line with AXA IM Alts’ global responsible investment strategy, the building has been designed to meet the highest sustainability credentials, obtaining an A ranking from the Comprehensive Assessment System for Built Environment Efficiency (CASBEE), a stringent environmental ranking system used across Japan, in March this year.
Laurent Jacquemin, Head of Asia-Pacific at AXA IM Alts, commented: “The delivery and disposal of this high-profile office development in Japan is a significant milestone that illustrates our ability to leverage our market-leading global development expertise in new markets in order to maximise the value generated for clients. Flagship office developments will remain one of AXA IM Alts key conviction calls, and we strongly believe that prime, modern, flexible offices in strategic locations will continue to act as the bedrock of corporate life – increasingly so in response to the new ways of working post-pandemic.”
AXA IM Alts recently announced that it had raised c. €800 million in the first close of its fifth-generation development strategy.