TOKYO—AXA Real Estate Investment Managers, one of the largest real estate portfolio and asset managers globally, says it's Tokyo Office Property Fund (TOP) has completed the acquisition of Kyobashi Square. The fund;s second acquisition is a core modern 5,884 sqm building located in the Chuo-Ku district of central Tokyo.

It was purchased from Godo Kaisha Kyobashi Property, a consolidated subsidiary of Ichigo Holdings K.K. Kyobashi Square comes shortly after the purchase of Shinjuku Sanchome in the Shinjuku ward of central Tokyo in March. The purcahse was made in co-investment with Sumitomo Mitsui Trust Real Estate Investment Management Co. Ltd's Tokyo Office Real Estate Investment Fund, which was founded alongside TOP in August 2012.

“To complete the purchase of Kyobashi so quickly after the Fund's maiden acquisition is particularly pleasing,” said Hidetoshi Ono, head of Japan Core Fund at AXA Real Estate. “The building typifies the assets TOP wishes to acquire being both well-located and well-let. We believe we are transacting at an opportune time in the market cycle to acquire a portfolio of high quality core mid-sized Tokyo office properties which offer stable income streams, low volatility and the potential for capital growth.”