PARIS, 2-2-2015 — /EuropaWire/ — AXA Real Estate Investment Managers SGP, an affiliate of AXA Real Estate Investment Managers (“AXA Real Estate”), announces that it has completed the acquisition of three separate assets in London, Espoo and Madrid for a total consideration of c.€208 million. c.€169 million of these assets comprising Camomile court in London, Keilalahdentie 2–4 in Espoo, as well as a 50% stake of Gran Via 37, Madrid, have been acquired on behalf of the French public service additional pension scheme (“ERAFP”(1)). The remaining 50% of the Madrid retail asset has been acquired on behalf of a French collective investment fund, managed by AXA REIM SGP. Following the recent acquisitions AXA REIM SGP has now invested, on behalf of ERAFP, a total of €227 million since being appointed to manage a €350 million mandate in 2013.
Further information surrounding the acquisitions:
Camomile Court, 23 Camomile Street, London. Acquired, on behalf of ERAFP, from Cordea Savills, on behalf of its European Commercial Fund, for £47.97 million (€64.23 million)(2) , the 76,632 sq ft (c.7,119 sqm), Grade A office asset comprises seven storeys, plus a basement office. Situated in a prime location within the City of London, the asset benefits from its close proximity to Liverpool Street’s existing tube and train station and will be further advantaged by the new Crossrail terminal which is due to open in 2018. Fully let to six tenants on strong covenants with an average lease length of over 4 years, the asset, which was built in 1990, underwent a major renovation in 2009, giving it a BREEAM In-Use ‘Good’ rating.
Keilalahdentie 2–4, Espoo, Finland. Acquired for approximately €64.8 million on behalf of ERAFP, the asset is located in the established submarket of Keilaniemi and comprises 183,803 sq ft (c.17,076 sqm) of office space, alongside 404 parking spaces, and it is expected that the building will be accredited a LEED ‘Gold’ rating. Originally constructed in 2001, the asset is currently fully let to Microsoft Mobile Oy on a long-term lease. Located 10 minutes from the Central Business District and 20 minutes away from Helsinki airport, the asset will also benefit from a new nearby metro station which is set to open in 2016.
Gran Via 37, Madrid. The 44,498 sq ft (c.4,134 sqm) retail asset was acquired on behalf of a 50/50 joint venture between ERAFP and a French collective investment fund, managed by AXA REIM SGP, for €79.7 million. Located in Madrid’s most sought after shopping district, with the highest footfall in the city, the asset is currently fully let to Swedish fashion group on a long lease. The property comprises five storeys and has an energy performance certificate of B.
Pierre Vaquier, Chief Executive Officer of AXA Real Estate, commented: “The three acquisitions are directly in line with ERAFP’s strategy to acquire core and core plus assets, with good sustainability credentials in key European markets and we have relied on our strong local presence and expertise to simultaneously execute these high profile transactions. These core, well-let assets will provide secure long term income streams for investors, as we continue to manage the mandate and create value for our clients.”
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(3) , with over €54 billion of assets under management as at the end of December 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, country-specific 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 €54 billion today. Visit our website: www.axa-realestate.com
AXA Real Estate Investment Managers SGP (« AXA REIM SGP ») is a French société anonyme registered with the Trade and Companies Registry of Nanterre under number 500,838,214 authorised and regulated by the French Market Authority as a Portfolio Management Company and Alternative Investment Funds Manager specialised in real estate management activities under license number GP-08000023 granted on May, 5 2008.
AXA REIM SGP is a subsidiary of AXA Real Estate Investment Managers, which is itself a 100% subsidiary of AXA Investment Managers.
Visit our website: www.axa-reimsgp.fr 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) Établissement de Retraite Additionnelle de la Fonction Publique
(2) Conversion as of January 28th, 2015
(3)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
FTI Consulting Inc. Richard Sunderland, Ellie Sweeney, Clare Glynn
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