Axa Investment Managers - Real Assets agreed to purchase a 6,691-square-meter mixed-use development site in Sapporo, Japan, for ¥25 billion from Yamaha Corp.
The project intended for the site will feature hotel and office components and is expected to be completed in 2024.
The transaction, which is part of the European asset manager's ongoing strategy to undertake or acquire large-scale and high-profile developments in growth cities around the world, is expected to boost its €4.4 billion of assets under management in the Asia-Pacific region, according to a news release.
As of Sept. 23, US$1 was equivalent to ¥107.47.
