AXA Acquires M-U Office Asset in Tokyo
- Oct 03, 2014
AXA Real Estate Investment Managers has bought the Nishi Shinjuku KF Building in central Tokyo. The Tokyo Office Property Fund and the Tokyo Office Real Estate Investment Fund completed the transaction. The acquisition represents the final transaction for TOP, which has now deployed all of its capital commitments and completed its investment period.
Nishi Shinjuku KF Building is a high-quality office asset of more than 106,000 square feet located in central Tokyo’s Nishi-Shinjuku district. The six story office building also includes 10 residential units, and the office space is currently fully let to eight tenants of diversified industries. Completion of this acquisition brings the Tokyo Office Property Fund’s total assets under management to $190.82 million.
Hidetoshi Ono, Head of Japan Core Fund at AXA Real Estate, considers this transaction a significant milestone, noting that “it marks our success in investing the remaining equity committed to the Fund before the end of its investment period, at the same time as continuing to be able to provide our clients with exposure to core/core plus mid-sized office assets with a diverse mix of tenants that deliver secure and steady income streams with the potential for capital appreciation.”
AXA Real Estate is one of the world’s leading real estate managers. With operations spanning the Asian, European and American continents, AXA Real Estate offers global fund management expertise combined with on-the-ground deal sourcing, strategic asset management and development execution services. It carefully structures and actively manages or advises its investment products, seeking opportunities along the risk spectrum with the capacity to invest at all levels of the capital structure.
Launched in 2012, TOP is a fund managed by AXA Real Estate and asset management of the property portfolio is undertaken by Sumitomo Mitsui Trust Real Estate Investment Management Co. Ltd., a wholly-owned subsidiary of the largest banking groups in Japan, Sumitomo Mitsui Trust Bank, Ltd. The same subsidiary manages the Tokyo Office Real Estate Investment Fund as well.