PARIS, 04-Oct-2018 — /EuropaWire/ — AXA Investment Managers – Real Assets (“AXA IM – Real Assets”), a global leader in real asset investments and the leading(1) real estate portfolio and asset manager in Europe, and Bixby Land Company (“Bixby”), a leading Western U.S. commercial real estate operator and investment manager, announce that they have acquired two Class-A industrial warehouses in Phoenix, Arizona and West Sacramento, California for a total consideration of $60.5 million (c. €52 million)(2). AXA IM – Real Assets made acquisition on behalf of clients.
Located in Phoenix, Arizona, the first acquisition is a 335,450 sq ft multi-let industrial warehouse constructed to a high specification comprising 28 loading docks, 30’ clear height, full cross-docking loading and 248 outdoor parking spaces. The asset benefits from strong transport connectivity sitting only c. 20 minutes away from Phoenix Sky Harbor International Airport, the largest commercial airport in the Southwestern U.S., and just 6 miles away from the Union Pacific Rail Road, directly connecting Arizona to 23 other states by rail.
The second acquisition is a built-to-suit 387,400 sq ft Class-A distribution warehouse fully let on a 12-year lease to a leading North American business-to-business distributor. The asset comprises 75 loading docks, 36’ clear height, 185’ truck court, full cross-docking loading and 188 outdoor parking spaces. Located in West Sacramento, California, the asset benefits from strong connectivity to major transportation hubs providing easy access to other local cities in California as well as major cities in the Western U.S.
Both acquisitions are part of the strategic investment initiative between AXA IM – Real Assets, investing on behalf of one of its clients, and Bixby to acquire $400 million in leased warehouse distribution buildings in the Western U.S. over the next several years. The Joint Venture, which is targeting properties located in California, Arizona, Nevada, Oregon and Washington has now acquired four assets since launching in January this year.
Steve McCarthy, Head of North America at AXA IM – Real Assets, commented: “These two acquisitions are in strong logistics markets underpinned by the structural changes in supply chains, e-commerce and consumer behavior. We look forward to further expanding our joint venture relationship with Bixby as we seek to deploy capital, on behalf of our clients, into investment opportunities demonstrating similar fundamentals and attractive risk adjusted returns.”
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1 Source: INREV/ANREV Fund Manager Survey – May 2018 – in terms of assets under management
2 Conversion as of October 2nd, 2018
AXA Investment Managers – Real Assets
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Note to editors
AXA Investment Managers is an active, long-term, global, multi-asset investor. We work with clients today to provide the solutions they need to help build a better tomorrow for their investments, while creating a positive change for the world in which we all live. With approximately €759 billion(1) in assets under management as at end of June 2018, AXA IM employs over 2,390 employees around the world and operates out of 30 offices across 21 countries.
AXA Investment Managers – Real Assets has €77 billion in assets under management, including €58.6 billion in direct property & infrastructure and €14.8 billion in real asset finance as of end of June 2018(2). We offer a 360° approach to investing in real assets, which comprises opportunities in equity or debt, across different geographies and sectors, as well as via private or listed instruments. We are a global leader in real assets investment, the number one property portfolio and asset manager in Europe(3), and one of the largest worldwide. Our teams have been managing funds and mandates for over 30 years and comprise over 600 people in 14 offices that operate in over 20 countries around the world, which provide us with in-depth knowledge of countries, cities and sectors.
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1 Source: AXA IM unaudited data
2 Source: AXA IM – Real Assets’ unaudited data
3 Source: INREV/ANREV Fund Manager Survey – May 2018 in terms of assets under management
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SOURCE: AXA Investment Managers