A joint venture (JV) between GreenOak Investment Management KK, the Japanese arm of GreenOak Real Estate, and hotel company Red Planet Japan has agreed to sell Red Planet Hiroshima Nagarekawa hotel, in Hiroshima, Japan.

Under the pact, GreenOak Investment and Red Planet Japan will sell the hotel to French real estate investment firm AXA Investment Managers - Real Assets for 4.6 billion Japanese yen ($43 million).

AXA IM - Real Assets said that this transaction, the firm's third addition to its Japan hotels portfolio, is in line with its strategy to boost its exposure in the hotels sector in the region.

Additionally, Red Planet Hiroshima Nagarekawa hotel, expected to be completed in the second quarter of 2020, will comprise 160 bedrooms, 14 parking spaces and a restaurant.