Known as Aden Imaike East, the building comprises 171 rental units, including 63 studios and 108 one-bedroom apartments, complete with private balconies and access to parking. Constructed in 2007, the 5,965 sqm property has been well maintained and stands in good condition, with attractive modern interiors. The Grade A building has been designed to attract young single occupants and dual income couples due to its affordable rents and accessibility to the city centre.
Strategically located in close proximity to Nagoya’s Central Business District, the property is just a six-minute walk from Imaike subway station, which connects to the central retail and business districts within five and 10 minutes respectively. The mainline Nagoya Station is within 10 minutes’ reach and is served by the Shinkansen bullet train which offers high-speed trains to Osaka (50 minutes) and Tokyo (100 minutes), while completion of the Maglev line in 2027 will enable passengers to reach the capital in just 40 minutes.
Nagoya is the centre of Chukyo metropolitan area, the third largest in Japan with a population of 9.5 million. Its residential market is characterised by a shortage of affordable stock for rent whilst demand continues to rise in line with robust economic growth and infrastructure investment.
This acquisition marks AXA IM – Real Assets’ 13th in Japan and fifth in the Nagoya residential market, where it holds a strong conviction on account of the region’s continued economic growth which draws inhabitants from throughout the country. Aden Imaike East follows the recent Nagoya acquisitions by AXA IM – Real Assets, on behalf of clients, of a c. 620-bed multi-generational residential tower and S-FORT Sanno, an 11-storey building located to the south of the city. The business has now invested more than c. ¥36.5 billion (c. €300 million) in Japanese residential assets on behalf of clients.
These investments form part of AXA IM – Real Assets’ wider long term strategy on behalf of clients to invest into residential asset classes which it believes are supported by strong demographic drivers, and adds to its c. €22 billion portfolio of residential assets under management spread across 15 countries.
Source : AXA Investment Managers – Real Assets