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Axa IM Alts boosts Japan resi portfolio with €82m purchase

Zeus Nishi Umeda.

Axa IM Alts is paying PGIM Real Estate Japan ¥10.6 billion (approximately €82 million) for two residential assets in Osaka, Japan.

The assets have been acquired on behalf of clients and have a total of 346 studio to four-bedroom apartments for renting. One property, Zeus Nishi Umeda, is located in the affluent Nishi Umeda residential district of Osaka and contains 214 apartments with a total lettable area of 10,000 sq m.

The second asset, Serenite Esaka, comprises 132 prime studio and one-bedroom apartments as well as four fully-let retail units, totalling 4,000 sq m of space.

Axa IM Alts said the acquisition forms part of its wider long-term strategy to invest into residential asset classes which it believes are supported by strong demographic drivers. The Paris-headquartered alternative investment manager has a c.€23 billion global portfolio of residential assets under management spread across 15 countries.

Serenite Esaka

Axa IM Alts has made a number of acquisitions in Japan in the past year, and now has AUM there totalling ¥337 billion (€2.6 billion).

“The acquisition of this portfolio presents an exciting opportunity to capitalise on both Osaka’s continued population and economic growth, which have been driving the residential market,” said Laurent Jacquemin, head of Asia-Pacific at Axa IM Alts. “Our recent investment activity in Japan is testament to its residential market’s dynamism and its potential to deliver strong returns for our clients.”

Alyssa Partners Japan advised both parties.