AXA buys Sapporo site for US$232m hotel, office development

Laurent Jacquemin

Laurent Jacquemin

September 26, 2019 -- AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real asset investments and the leading real estate portfolio and asset manager in Europe, announces that it has agreed the acquisition of a 6,691 sqm / 1.65 acre site in Sapporo, Japan for the development of a hotel and offices, representing a total investment size of ¥25 billion (€200 million). The site will be acquired, on behalf of a client, from Yamaha Corporation.

“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 transaction, which presents the rare opportunity to secure a project of this size, showcases our local team’s market-leading deal sourcing capabilities. We are confident in the long-term return profile of this opportunity thanks to the combination of our development expertise and the project’s strong location in a city consistently ranked as a top tourist destination in Japan”, commented Laurent Jacquemin, Head of Asia Pacific at AXA IM - Real Assets. More…