AXA Real Estate Investment Managers, the leading real estate portfolio and asset manager in Europe, today announces that it has completed the sale of two industrial portfolios for a combined value of €184.1 million on behalf of the European Industrial Partnership (EIP).
The transactions mark the successful conclusion of an orderly program to dispose of all EIP’s property assets, which was commenced in January 2013 ahead of the Fund’s expiry in January 2015. The final two transactions comprised the sale of the Spring portfolio of 10 French assets to Northwood Investors and of the Zander Portfolio of 11 Dutch assets to Rockspring Property Investment Managers.
EIP was set up by AXA Real Estate in July 2001 with Valad Europe as asset manager to invest in income-producing, multi-let industrial estates across Europe.
The Fund acquired a number of major industrial estates in Germany, France and the Netherlands with a total floor space of 880,271 m² over 53 estates when it was fully invested.
Dennis Lopez, Chief Investment Officer of AXA Real Estate said: “Despite the challenging market conditions the completion of the disposal programme concludes the operation of this investment vehicle which has been in place for over 12 years.”
Source: AXA Real Estate