Axa IM – Real Assets acquires $230m site in Sapporo, Japan

SapporoAxa Investment Managers – Real Assets has agreed the acquisition of a site for the development of offices and a hotel in Sapporo, Japan for ¥25 billion (US$231 million). The 6,691 square metre acquisition is on behalf of a client, Yamaha Corporation. “Construction of a hotel-led development will commence, scheduled to complete in 2024,” Axa IM – Real Assets said in a statement. “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 and largest city on the island of Hokkaido and is also Japan’s fifth-largest city. The asset manager said infrastructure investment, including airport expansion and a bullet train network, will contribute to greater tourist numbers. On the acquisition, Laurent Jacquemin, head of Asia Pacific at Axa IM – Real Assets, said: “This ambitious project will deliver significant new supplies of high-quality office and hotel accommodation to the Sapporo market, which is characterised by a clear shortage of Grade A stock coupled with soaring levels of demand.” The investment follows a hotel purchase in Hiroshima and is Axa IM – Real Assets’ third in the city of Sapporo. ©2019 funds global asia

Executive Interviews

Executive interview: PGIM CEO on where the ESG flowers should bloom

Sep 27, 2021

David Hunt, president and chief executive of PGIM, tells Romil Patel about leading a top 10 global asset manager in times where “empowering and encouraging the kind of investment decisions as...

Executive interview: Nicolas Moreau’s orderly transition

Jul 12, 2021

Nicolas Moreau, CEO of HSBC Asset Management, is moving to Asia as the firm looks to connect more directly with the region’s growth story. ESG is also a key focus – including the ‘just’ carbon...


Roundtable: Singapore comes of age as an Asian ESG hub

Dec 01, 2021

Strong ESG credentials strengthen the case for Singapore as a leader in Asia of the post-Covid recovery. Our panel discusses the risks and opportunities.

Roundtable: How well geared are Japanese assets for a new world?

Jul 12, 2021

As we prepare to emerge from Covid, experts look at overcoming demographic issues through a combination of good tech and corporate governance, improving productivity and meeting an ambitious government carbon emissions reduction target. Chaired by Romil Patel.