Le mie ricette per la real estate communityAXA Investment Managers – Real Assets ,a global leader in real asset investments and the leading real estate portfolio and asset manager in Europe, announces that it has agreed the acquisition of a 6,691 sqm / 1.65 acre site in Sapporo, Japan for the development of a hotel and offices, representing a total investment size of ¥25 billion (€200 million). The site will be acquired, on behalf of a client, from Yamaha Corporation.
Construction of a hotel-led development will commence, scheduled to complete in 2024. The current plans comprise a single asset offering a mix of modern office space and hotel accommodation, addressing the two primary areas of demand in the local area, with advanced discussions already underway for the pre-let of both elements.
Sapporo is the capital city of Hokkaido island, which has a population of two million and is one of Japan’s top tourist destinations. Investment into the island’s infrastructure, including the expansion of airport and bullet train network, is expected to see it continuing to grow in popularity amongst international visitors.
This investment represents AXA IM – Real Assets’ third investment in the city of Sapporo and comes shortly after its forward purchase of a hotel development in Hiroshima, Japan, adding to its €4.4 billion of assets under management across the APAC region. The transaction forms part of AXA IM – Real Assets’ ongoing strategy to undertake or acquire large-scale and high-profile developments in growth cities globally, building out its portfolio of core assets. AXA IM – Real Assets has completed over 250 projects with a total value of €14 billion since 2000, and currently has a further c. €9 billion of development projects underway.
Source : Company