AXA Investment Managers – Real Assets announces that it has completed the acquisition, on behalf of clients, of a residential tower in Nagoya, Japan’s third largest city, from a Japanese real estate company.
Known as “S-FORT Sanno”, the 11-storey building comprises 230 rental units with private balconies, and parking for 95 cars. Constructed in 2008, the 8,778 sqm property has been well maintained and stands in good condition, with attractive modern interiors.
Nagoya is the centre of Chukyo metropolitan area, the third largest in Japan with a population of 9.5 million. S-FORT Sanno is well located 2 km south of Nagoya’s commercial business district (CBD). It benefits from being a six-minute walk from Sanno Station, which is just one stop away from the larger Nagoya station and the Tokaido Shinkansen bullet train, which connects to Tokyo in 100 minutes and Osaka in 50 minutes.
The Nagoya residential market is characterised by a shortage of affordable residential stock for rent that’s suitable for families, whilst demand continues to rise in line with robust economic growth and infrastructure investment.
This acquisition is AXA IM – Real Asset’s third residential investment in Nagoya city and eleventh in Japan, where it has now invested more than ¥10 billion (c. €8.29 million) in residential assets on behalf of clients. .
The transaction is consistent with AXA IM – Real Assets’ wider strategy, on behalf of clients, to invest into residential asset classes which it believes are supported by strong demographic drivers, while adding to its portfolio of over €15 billion of residential assets under management spread across 11 countries.
Source : Company