PARIS, 09-1-2015 — /EuropaWire/ — AXA Real Estate Investment Managers (“AXA Real Estate”), the leading real estate portfolio and asset manager in Europe(1), announces that it has completed the acquisition of all the shares of a company owning a core office building in the Kirchberg area of Luxembourg, “Monnet 6”, from Deka Immobilien GmbH for €32.2 million. The transaction was made on behalf of the Caesar Fund (the “Fund”), a regulated fund for Italian institutional investors, launched by AXA Real Estate Investment Managers SGR S.p.A., an Italian regulated subsidiary of AXA Real Estate.
The multi-let asset comprises 4,485 sqm of office space over five storeys and is currently fully let to five high quality tenants. The property also includes around 650 sqm of storage and archiving space, as well as parking for 141 cars.
Built in 1992, Monnet 6 was extensively refurbished and modernised in 2012. The asset is located in the highly accessible Kirchberg area of Luxembourg’s central business district, which is conveniently situated adjacent to a motorway within 30km of the French, German and Belgian borders. The Kirchberg also benefits from excellent public transportation links with multiple train and tram lines connecting to the area, and is just 7km from Luxembourg’s international airport.
The Fund has now invested €326.5 million and the acquisition is both its first in Luxembourg and is consistent with its strategy to acquire well-let, core office buildings located on the periphery of central business districts in main European cities. At its last close in October 2012, the Fund had raised €209 million in equity from 12 Italian institutional investors alongside AXA insurance companies, giving it a total potential fund size of €415 million once fully invested.
Guy Van Wymersch, Head of Benelux at AXA Real Estate, commented: “This transaction is illustrative of AXA Real Estate’s aim to capitalise on the resilient economic fundamentals and established real estate market that the Benelux region provides. The Kirchberg office market in Luxembourg is characterised by a remarkably low vacancy rate of 1.8% and strong rental growth, appealing to an increasing number of international companies. We are very pleased to build on the momentum we have achieved with the Caesar Fund following the recent acquisition of an office building in Brussels. Completion of these two transactions clearly demonstrates the ability of our 45 strong, highly skilled and experienced local professionals to source and acquire prime office assets across the Benelux region, enabling us to deliver significant value to our clients.”
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AXA Real Estate Investment Managers (AXA Real Estate), a wholly-owned subsidiary of AXA Investment Managers, is the largest real estate portfolio and asset manager in Europe(1), with over €53 billion of assets under management as at the end of September 2014. It has over 160 third party institutional clients spread across the world, in addition to managing funds for 10 AXA insurance companies.
With over 500 real estate professionals operating in 23 countries, AXA Real Estate’s competitive advantage stems from its global fund management expertise combined with extensive on-the-ground deal sourcing, asset management and development execution capabilities.
AXA Real Estate structures and actively manages or advises investment products, seeking wide ranging opportunities along the risk spectrum to deliver targeted returns commensurate with clients’ risk profiles, through a variety of investment strategies. These range from core to value-add and opportunistic, countryspecific to geographically-diversified, sector-specific to multi-sector, with the capacity to invest at all levels of the capital structure.
Global growth remains a key priority and AXA Real Estate has expanded its presence in both the U.S. and Asia. Assets under management have grown from €17 billion 15 years ago to over €53 billion today.
Visit our website: www.axa-realestate.com
AXA Real Estate Investment Managers SGR (AXA REIM SGR) is a company governed by the laws of Italy, with registered address at Corso di Porta Romana n. 68, 20122 Milan, registered with Milan company’s register under number 04900020969 and enrolled under number 216 of the asset management company’s register kept by the Bank of Italy pursuant to Article 35 of Legislative Decree, February 24, 1998 n. 58. AXA REIM SGR S.p.A. operates as a regulated subsidiary of AXA Real Estate Investment Managers, which is itself a 100% subsidiary of AXA Investment Managers.
AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with approximately €607 billion in assets under management as of the end of September 2014. AXA IM employs over 2,400 people around the world and operates out of 26 offices in 21 countries.
Visit our internet website: www.axa-im.com
(1)Source: INREV Survey 2013 published in May 2014
AXA Real Estate
Charline Coué, Media Relations
Jocelyne Tamssom, Head of Communications
Tél.: +33 1 44 45 97 95
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