AXA Real Estate completes the acquisition of three assets for approx. €208 million (EU)

AXA Real Estate Investment Managers SGP, an affiliate of AXA Real Estate Investment Managers, announces that it has completed the acquisition of three separate assets in London, Espoo and Madrid for a total consideration of approx.€208 million.
Approx. €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.
Camomile Court 23, London acquired, on behalf of ERAFP, from Cordea Savills, on behalf of its European Commercial Fund, for £47.97 million (€64.23 million). The 76,632 ft² (approx.7, 119 m²), Grade A office asset comprises seven stores, plus a basement office.
Keilalahdentie 2–4, Espoo, Finland acquired for approx. €64.8 million on behalf of ERAFP, the asset is located in the established submarket of Keilaniemi and comprises 183,803 ft² (approx.17,076 m²) of office space, alongside 404 parking spaces, and it is expected that the building will be accredited a LEED ‘Gold’ rating.
Gran Via 37, Madrid 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.
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.”
Source: AXA Real Estate