Deal News: AXA IM Alts acquires newly built mixed-use scheme in central Tokyo for €41 million
AXA IM Alts, a global leader in alternative investments with c. €163 billion of assets under management, announces that it has acquired, on behalf of clients, a mixed used property in central Tokyo, for a total investment cost of c. €41m, from Raysum and Tokyo Tatemono, a Japanese real estate company.
Constructed in May 2021 to high sustainability and design standards, the property comprises two adjacent buildings, both with two floors and a basement, providing 4,750 sqm of commercial space.
The property is located in Ikejiri Ohashi, a sub-market of the Shibuya district in Tokyo, which has benefited from a major urban regeneration project transforming it into one of the city’s leading IT hubs. Ikejiri Ohashi station is less than four minutes’ walk from the property and one stop from Shibuya terminal station, which connects to some of Tokyo’s most established residential neighbourhoods, and provides direct access to Yokohama, Japan’s second largest city.
AXA IM Alts believes that Ikejiri Ohashi is becoming an increasingly desirable office sub-market for IT, marketing and apparel companies, attracted by the established residential offering, open spaces, relatively affordable rents and its accessibility. Furthermore, AXA IM Alts has observed that the area is also benefiting as some businesses seek to downsize their headquarters to smaller, lower density, high quality office space as a result of changing working habits caused by the pandemic.
The transaction was arranged by Alyssa Partners Japan who will also act as co-asset manager.
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1. Source: AXA IM Alts’ unaudited data as of end of June 2021
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