AXA Investment Managers Deutschland GmbH announced that, on behalf of the German multi-family residential fund, AXA Immoresidential , it has completed the acquisition of a residential development in Hannover and that it has invested €130 million in five assets located throughout Germany during 2013. The Fund, which currently totals €230 million, has a total capacity of €310 million, including capital raised commitments over the last 18 months.
Following the completion of the acquisition, which is located in the Zooviertel district in Hannover, the Fund has now taken ownership of five new buildings since the beginning of 2013, the others being located in Köln-Nippes, Düsseldorf, Berlin and Köln-Braunsfeld. A further asset in Siegen, which is in development, is expected to be transferred into the Fund within the next 12 months, once construction completed.
During 2014, two additional developments1 in Aachen and Köln-Höhenhaus will also be transferred into the Fund once constructed, bringing the Fund’s total portfolio to 15 residential properties located throughout Germany with a total value of €240 million.
AXA Real Estate is aiming to increase the invested fund volume to €500 million and, in line with AXA Immoresidential’s investment policy, ensuring the portfolio remains of the highest quality.
AXA Immoresidential is one of the first sector specific residential funds in the German market. It has an investment strategy focused on high-quality, newly built and energy-efficient certified residential buildings in Germany. The Fund was launched in February 2009 with a low risk orientated strategy and is structured as an open ended special fund according to German investment law, dedicated to the needs of German institutional clients.
AXA Immoresidential is managed by AXA Investment Managers Deutschland GmbH with portfolio and asset management services from AXA Real Estate, the leading real estate portfolio and asset manager in Europe2 with €48 billion of assets under management as at the end of March 2014.
Matthias Leube, Managing Director of Real Estate within AXA Investment Managers Deutschland GmbH commented: “In parallel to the office and retail sectors, AXA Real Estate is also growing in the German residential market. Due to the low risk/return profile, multi-family housing has become an important addition to the real estate allocations of many institutional investors while investing in Germany. AXA Immoresidential offers the opportunity to buy into a qualitatively high residential portfolio, which is specialised at new or like-new properties.”
Source: AXA Real Estate