AXA IM - Real Assets has completed the acquisition of the entire issued share capital of NorthStar Realty Europe Corp., an NYSE listed real estate investment trust. Through a single transaction, the deal provides AXA IM - Real Assets with immediate access to a €1.1bn, 122,000m² portfolio of modern, prime and well-located office space in key European cities within Europe’s three core markets of Germany, the United Kingdom and France. The portfolio also includes two hotels in Berlin which total 334 rooms across 12,000m².
Commenting on the acquisition John O’Driscoll, European Head of Transactions at AXA IM – Real Assets, said: “This transaction affords us the rare opportunity to secure a significant portfolio of prime European offices and hotels which we now look forward to integrating into AXA IM - Real Assets’ wider portfolio of core European real estate assets under management. The properties, which are all located in the major cities of Europe’s largest economies of France, the U.K. and Germany, have high occupancy and produce strong levels of income that are ideally suited to our clients, whilst offering the longer-term potential for both asset management and further income generation. This transaction is also a clear example of our highly flexible 360-degree approach to investing in real estate via debt or equity and through a range of private or public entry points, including complex corporate acquisitions.”