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AXA IM Buys Japanese Multi-Family, Student Housing

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A French fund manager acquired 29 multifamily properties and 4 student housing properties.

AXA IM Alts, a hefty investor in Japanese real estate, has revisited the theme in a bold way by acquiring two residential portfolios totaling €423 million ($418 million).

AXA Investment Managers’ real estate fund management division has acquired 29 multifamily properties and four student accommodation assets in two separate transactions, the French company said in a release on Monday.

The 1,482-unit condominium portfolio is spread across high-density areas within Greater Tokyo and Osaka, while the student housing assets consist of 539 studio apartments near universities in Greater Tokyo.

Laurent Jacquemin, Head of Asia Pacific at AXA IM Alts, said: “Against a volatile macroeconomic backdrop, a highly defensive rental housing and student accommodation sector are two of AXA IM Artz’s strong conviction calls, driven by favorable demographic and social factors and an attractive It reflects income and capital growth characteristics.”

based on demographics

Both portfolio acquisitions were made on behalf of the client by AXA IM Alts, which has €188 billion in assets under management worldwide.

Laurent Jackman Axa

Laurent Jacquemin of AXA IM Alts

The two transactions reflect the company’s long-term strategy to invest in residential asset classes supported by strong demographic factors. Tokyo and Osaka account for more than 43% of Japan’s total population, and are characterized by growing demand for high-quality rental properties in each city’s most popular submarkets, the fund said. said the manager.

All properties in the multifamily portfolio were built within the last two years and are focused on studio apartments. According to AXA IM Alts, most of the 29 properties have auto-locking entrances, parcel boxes and high-quality interiors, all with good transport links to his CBD area.

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The student dormitory portfolio consists of four new properties operated by the National Student Information Center, one of the largest dormitory operators in Japan. Located in his four densely populated neighborhoods in the metropolitan area, the property promises to give him access to 7 to 11 colleges within a 30-minute commute.

familiar ground

The latest deal is AXA IM Alts’ second and third acquisition in Japan this year, buying two rental homes in Tokyo for $54 million. In a deal announced in May.

Last year, AXA IM Alts purchased a new construction complex In addition to a tech hub in the heart of Tokyo for $48 million, Pair of Residential Properties in Osaka Acquired for $94 million from the Japanese division of US fund manager PGIM Real Estate.

In other activities this May, Hong Kong-based Gaw Capital Partners 32-asset multi-family portfolio In Japan on behalf of another account belonging to the Qatar Investment Authority. The news broke shortly after U.S. private equity giant Blackstone funded the acquisition. 19 multifamily properties Deployed in 4 cities in Japan in partnership with independent asset management company Alyssa Partners.

In June, Singapore-based private equity firm Q Investment Partners Japan-focused multi-family fund The joint venture with Alyssa comes after acquiring a seed portfolio of three stable assets worth a combined $40 million.

In July, Nuveen Real Estate reported an initial closing of $100 million. Japan’s Alternative Living Strategywill focus on stable senior housing assets and will also consider investments in student dormitories, single-family homes and shared living sectors.

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