AXA Investment Managers to pay $233m for mixed-use Sapporo development

AXA Investment Managers – Real Assets has agreed to pay ¥25 billion ($233 million) for a 6,691-square-meter (72,000-square-foot) mixed-use development site in Sapporo, Japan.

The site will be acquired on behalf of a client from Yamaha Corp.

The development will comprise a mixture of modern office space and hotel accommodation. Advanced discussions are already under way for the pre-leasing of both elements. Construction is slated for completion in 2024.

“This ambitious project will deliver significant new supplies of high-quality office and hotel accommodation to the Sapporo market, which is characterized by a clear shortage of grade A stock coupled with soaring levels of demand,” said Laurent Jacquemin, head of Asia Pacific at AXA IM – Real Assets. “We are confident in the long-term return profile of this opportunity tha