Asia Digest: AXA IM Alts buys Japan assets; BlackRock sells Sydney Airport shares

Sydney Airport.

In fresh moves from global investment firms in the Asia Pacific, AXA IM Alts is acquiring two residential assets in Japan for $93.5 million while BlackRock has ceased to be a substantial shareholder in Sydney Airport.

AXA IM Alts picks residential assets in Japan for $93.5m

Global alternative investment manager AXA IM Alts has acquired a portfolio of two residential assets in Japan from PGIM Real Estate Japan, the asset management arm of American life insurance company Prudential Financial, for 10.6 billion yen ($93.5 million).

This marks AXA IM Alts’ fourth investment in Japan this year, according to a statement.

Located in Osaka, the two properties, Zeus Nishi Umeda and Serenite Esaka, offer a total of 346 studio to four-bedroom apartments for the rental market.

“The acquisition of this portfolio presents an exciting opportunity to capitalise on both Osaka’s continued population and economic growth, which have been driving the residential market,” said Laurent Jacquemin, head of Asia-Pacific at AXA IM Alts.

The investment firm has brought its total real assets AUM in Japan to about 337 billion yen through a number of acquisitions.

In total, AXA IM Alts has a 23 billion euro global portfolio of residential assets under management spread across 15 countries.

BlackRock ceases to be a substantial shareholder in Sydney Airport

Global investment firm BlackRock has ceased to be a substantial shareholder in Sydney Airport.

On October 7, the US-based firm held over 5% of voting power in Sydney Airport through multiple purchases since June. On October 12, the Australian airport announced BlackRock was no longer its substantial shareholder.

The move came as a consortium led by IFM Australian Infrastructure Fund sweetened their offer to acquire Sydney Airport at A$8.75 per share, valuing the firm at A$23.6 billion, last month.

The company said it intended to grant the consortium the opportunity to conduct due diligence on a non-exclusive basis.

The consortium first proposed to acquire Sydney Airport at A$8.25 per share in July, then revised the bid to A$8.45 per share in August.

By then, Sydney Airport said it had delivered a total shareholder return of 19% (annualised) from FY15-19 and total passenger growth of 2.9% (CAGR) over the same period.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.