AXA Real Estate Investment Managers (“AXA Real Estate”), the leading real estate portfolio and asset manager in Europe, announces that, as part of its value-add strategy, it has completed the acquisition of 77 Fulham Palace Road from Nordea Property Investment.
The 193,000 ft² (17,930 m²) property comprises four buildings: Hamlet, Horatio, Ophelia and Elsinore situated in a core West London location.
Currently let to 19 tenants, the asset has a history of high occupancy and due to the wide range of floor sizes across the four buildings it is attractive to a variety of occupiers.
With a current lack in supply of Grade A office space in West London, AXA Real Estate has the opportunity to increase the current floor space at 77 Fulham Palace Road by 18,900 ft² (1,755 m²), and transform it into Grade A office space. This expansion would be undertaken alongside a planned refurbishment of some of the buildings, to enhance their overall functionality and design, adding to the current facilities on offer.
This transaction is directly in line with AXA Real Estate’s value-add investment strategy, which is focused on office, retail, logistics, hotel and alternative real estate assets in Europe’s key real estate markets. It builds upon AXA Real Estate’s expertise in sourcing and executing value-added transactions, and its ability to create value through both active asset management and timely acquisitions in markets offering significant pricing dislocation.
Huw Stephens, Head of UK Transactions, commented: “At 77 Fulham Palace Road we have identified an opportunity, through a number of asset management initiatives, to add value to a core, well located asset in London. By utilising the expertise of our local asset management teams, we will be able to improve the tenant mix, whilst delivering investment performance to our clients.”
Source: AXA Real Estate