Axa IM Alts has become the latest investment firm to bolster its Japanese real estate holdings.
The French alternative investor has acquired a 33-asset multifamily portfolio located in three cities – Tokyo, Greater Osaka and Nagoya.
Axa IM Alts paid US$450 million for the properties which were previously owned by JP Morgan Global Alternatives Real Estate Asia-Pacific.
The transaction is Axa IM Alts' first Japanese acquisition of the year and, according to the firm, is part of its long-term strategy to invest in residential asset classes supported by strong demographics.
The firm’s current exposure to Japanese residential assets now stands at around 7,800 units.
Nor is it the only alternatives firm to have invested in Japanese property. In September, M&G Real Estate Asia announced plans to develop a series of logistics projects across Japan.
And in December, private equity firm KKR purchased 39 residential rental properties in Tokyo.
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