This article is from the Australian Property Journal archive
AXA Real Estate has formed an agreement with one of Japan’s largest trust banks, the Sumitomo Trust and Banking Co, to set up an investment fund.
AXA Real Estate, which has $A56 billion of assets under management and STB have plans to jointly set up an investment fund for Japanese real estate.
AXA Real Estate global head of Asia Frank Khoo said although the group already has an existing team on ground in Japan, it decided to tie up with Sumitomo to bolster its deal sourcing and asset management opportunities.
“This collaboration between AXA Real Estate and Sumitomo will provide investors access to AXA Real Estate’s global fund management expertise and Sumitomo’s know how in Japan, including direct access to Japanese real estate opportunities,” he added.
Meanwhile STB’s general manager of real estate Shigeki Tanaka said the Bank has been looking to expand its business field to more sophisticated sectors, by strengthening its cross-border real estate business capabilities, providing investment opportunities in Japanese real estate to overseas investors as well as overseas real estate investment chances to Japanese investors.
“By collaborating with AXA Real Estate, STB will take the advantage to the other competing domestic players in terms of providing global wise business opportunities to our clients,” Tanaka added.
The proposed fund will be managed by AXA Real Estate as the global fund manager with STB Real Estate Investment Management Co providing asset management services.
The parties are looking at launching the fund in the first half 2010, targeting to raise approximately ¥50 billion capital commitments from institutional investors.
Australian Property Journal
