AXA Real Estate Investment Managers, one of the world’s largest real estate portfolio and asset managers announces that the Tokyo Office Property Fund (“TOP” or the “Fund”) has completed the acquisition of the Nishi Shinjuku KF Building, a 9,854 m² high-quality office asset in central Tokyo’s Nishi-Shinjuku district.
This transaction is a co-investment between TOP and the Tokyo Office Real Estate Investment Fund (“TOREIF”), a fund managed by Sumitomo Mitsui Trust Real Estate Investment Management Co. Ltd.
Completion of this fifth acquisition brings the Fund’s total assets under management to €151 million. It also represents the final transaction for TOP which has now deployed all of its capital commitments and completed its investment period.
The Nishi Shinjuku KF Building is a high-quality six store office building which also includes ten residential units. The office space is currently fully let to eight tenants in diversified industries.
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 Sumitomo Mitsui Trust Bank, Limited, one of the largest banking groups in Japan.
Hidetoshi Ono, Head of Japan Core Fund at AXA Real Estate, commented: “This is a particularly significant transaction for AXA Real Estate as 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."
Source: AXA Real Estate