AXA REIM goes big in Japan

AXA REIM has raised capital for a fund to buy mid-sized offices in Tokyo to be asset managed by Sumitomo Mitsui Trust REIM.

The Tokyo Office Property Fund will co-invest with Mitsui’s own Tokyo Office Real Estate Fund and together they have €100m after first closings. TOP will be leveraged up to 50%, targeting an IRR of at least 10% and a 5% cash-on-cash yield.