AXA Real Estate Investment Managers (AXA Real Estate), the leading real estate fund and asset manager in Europe with over 43 billion of assets under management as at September 2012, announces that, on behalf of its European Added Value Fund EAVF, it has sold the freehold interest in a building located at Avenida do Mediterraneo, Parque das Nações in Lisbon, to a private investor.
The building is one of the most renowned in Parque das Nacoes, having received an award for the best office building in Portugal at the prestigious Oscares do Imobiliario architecture awards in 2000. The building comprises 6,200 m² of office and retail area in addition to 133 parking spaces leased to AXA Seguros until April 2020.
EAVF was launched in April 2006 and focuses on properties with added value potential located in the Eurozone and the Nordic countries. The Fund is currently invested in over 70 properties which are diversified by asset class across the office, retail and industrial sectors, and geographically across Germany, Italy, France, Belgium, The Netherlands and Denmark.
CBRE acted as agent in this transaction.
Hermann Montenegro, AXA Real Estate Investment Managers Iberica SA, commented on the disposal: "This is one of the most significant transactions within the Lisbon office market this year and demonstrates AXA Real Estate's ability to generate value on behalf of our investors despite difficult market conditions.
The sale also forms part of the wider strategy for EAVF, as the Fund approaches the end of its natural life, to crystallize value in order to maximize returns to investors and we continue to make good progress in executing this program."
Source: FTI Consulting