AXA Real Estate Investment Managers SGP, an affiliate of AXA Real Estate Investment Managers (“AXA Real Estate) announces that it has completed two acquisitions in France for a total consideration of approx.€115 million on behalf of AXA Selectiv’ Immo (“the Fund”).
The acquisitions comprise the purchase of Eurosud office building in Lille and a 50% interest in Le Diagonal asset in Châtillon, Paris, as part of a joint venture.
These transactions, which followed shortly after the acquisition of two assets in Madrid and Rome, demonstrate AXA Real Estate’s ability to source high quality investment opportunities for its clients both in France and internationally. The acquisitions are in line with the Fund’s core strategy of building a portfolio of assets which is diversified across Europe and mainly invested, today, in office, residential and retail sectors. Following these acquisitions the Fund’s portfolio comprises 18 assets located in France, Spain and Italy, valued at €460 million.
Eurosud, 179 Boulevard de Turin, Lille is an eight storey office building built in 2006 which is let to a range of good quality tenants. The 75,068 ft² (approx. 6,974 m²) property is located in Euralille, which is France’s third largest business district and is close to the Belgian border.
Le Diagonal, 140-166 avenue de la République is located in the Châtillon area of Paris and is a freehold property which AXA Real Estate has acquired, on behalf of a 50/50 joint venture between AXA Selectiv’ Immo and an AXA Insurance Company. It comprises 204,000 ft² (approx.19,900 m²) of office space across two separate buildings which are fully let to two multi-national companies.
Antoine Aubry, Fund Manager of AXA Selectiv’ Immo, said: “These acquisitions build on the momentum we have achieved this year in growing the Fund’s real estate portfolio through the sourcing of high quality assets which boast attributes such as prime locations, striking designs and first-class tenants. Through effective diversification of the portfolio we have improved the income resilience on a long-term basis.”
Source: AXA Real Estate