AXA Immosolutions, an open-ended fund serviced by AXA Real Estate Investment Managers announces that it has successfully concluded two important lettings, having leased 4,800 m² of space in the prime office building at Ludwig-Erhard-Str. 12-14 in Eschborn.
It has secured PRODYNA AG as a new tenant, while existing occupier, leading financial institution, Deutsche Pfandbriefbank, has signed a lease extension. As a result of these lettings, occupancy across the nine assets in the AXA Immosolutions fund has increased to 98.4%.
PRODYNA, a major IT solutions business, has signed a new five year lease for 1,303 m² of office space at the asset. In addition, Deutsche Pfandbriefbank AG has taken a three-year lease extension on its 3,500-m² space. The building which is located on the outskirts of Frankfurt now has 92% occupancy, following the completion of these agreements, and will be fully let in May 2012, when an existing tenant is expected to take-up the remaining vacant space.
AXA Immosolutions is a German regulated open ended real estate fund dedicated to institutional investors that invests in assets across Europe which are diversified by sector and geography. The fund is managed by AXA Investment Managers Deutschland GmbH with asset management services provided by AXA Real Estate.
Commenting on the letting, Roland Welter, AXA Immosolutions Fund Manager, said: "Thanks to these new lettings, the occupancy rate across the AXA Immosolutions portfolio increased to 98.4%, which, in real estate terms, can be considered as full occupancy. This letting success was achieved thanks to pro-active asset management and reflects the good quality and tenant suitability of the properties in this portfolio."
Source: FTI Consulting