Protection from an asbestos wall
Paint is the best way to encapsulate asbestos, 
I am trying to figure out what part you believe is asbestos. The fence looks to have a metal roofing or siding, the wall in the back of the photo looks like corrugated fiberglass,  if corrugated fiberglass  I would not paint it without permission as it may be letting light in (we do this in our barns, The fiberglass allows light in but stops the wind and rain, if you paint it without permission you may be forced into replacing it. 
First I would want to identify what it is, I don’t remember any corrugated asbestos panels but could be wrong. If it is asbestos a quality exterior paint should be used (with permission) to encapsulate the material. A close up photo would help and if there is light that shines through at night it is not any kind of asbestos I have seen but probably fiberglass clear fiberglass yellows and has the little string looking hairs once it ages and this is what I think you have if you are talking about that surface and not the fence to the right.