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AXA IM Alts extends Japanese healthcare platform with €34 million portfolio acquisition

  • 02 November 2023

AXA IM Alts, a global leader in alternative investments with over €185 billion of assets under management[1], announces the acquisition of a portfolio comprising two city centre senior housing assets in northern Japan, on behalf of clients, for c. €34 million (¥5.1 billion). The acquisition from GK Japan Care Facilities, an affiliate of Goldman Sachs Japan Co. Ltd., represents AXA IM Alts’ third investment in the Japanese healthcare sector since it entered the market in December 2022.

The portfolio is located in the Hokkaido region, Japan’s largest administrative prefecture, and totals 331 modern, purpose-built bedrooms. It is let to Lifeship, an established operator responsible for nine healthcare facilities in the region, and has enjoyed consistently strong occupancy figures. Both assets benefit from their city centre proximity and accessible public and private transport links within affluential local catchment areas.

The Japanese care home sector is characterised by a shortage of modern stock, and a demand supply imbalance that is expected to widen as Japan’s elderly population increases: over 65s are projected to make up c. 40% of the population by 2070, compared to just under 30% in 2020[2].

This transaction marks AXA IM Alts’ third acquisition in Japan this year, taking assets under management in the country to c.¥540 billion (c. €3.4 billion)[3], and forms part of AXA IM Alts’ wider long-term strategy to invest into residential asset classes supported by strong demographic drivers.

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1 Source: AXA IM Alts unaudited data as at end of June 2023
2 Source: National Institute of Population and Social Security Research (2023):  https://www.ipss.go.jp/pp-zenkoku/e/zenkoku_e2023/pp2023e_PressRelease.pdf 
3 Source: AXA IM Alts unaudited data as at end of June 2023


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