AXA Real Estate Investment Managers (AXA REIM) has acquired on behalf of one of its funds, Alternative Property Income Venture (APIV), from the Sveafastigheter managed Fund AEVS Sverige 1, two recently completed and occupied properties in Kalmar and Västervik. Both assets are fully let to the Kalmar County Police and Swedish Prosecution Authority on long term leases. Debt financing for the transaction was provided by Helaba (Landesbank Hessen-Thüringen) from Germany.
The Kalmar asset comprises 11,200 m² of predominantly office space. The property houses the regional headquarters of the Kalmar County Police Authority on a 20 year lease. The Swedish Prosecution Authority hold a 10 year lease on part of the property.
Västervik comprises 4,000 m² and is fully let to Kalmar County Police Authority on a 20 year lease.
Stefan Timan, AXA REIM's Head of Acquisitions in the Nordic Region commented: "Following the 800 MSEK of closed acquisitions during 2009, this acquisition is further reinforcement of AXA REIM's active market presence across the Nordic region. In this acquisition the duration and strength of the income, also the quality of the real estate assets are an excellent match with the pan European investment strategy of APIV."
"We are pleased to once again have been able to develop properties in regional centres in the Nordic region into top-quality, institutional grade assets. By focusing on properties in non-capital cities with clear asset management upside, we create value for our investors by providing core investors with investment opportunities in assets with quality tenants on long leases. We are also happy to continue our business relationship with AXA REIM who have purchased several quality assets from us,' said Simon de Château, CEO of Sveafastigheter.
Helaba is going to further strengthen its business in the Nordic markets. The bank, with a balance sheet of 176 bln. (as at 30/09/2009), is headquartered in Frankfurt, Germany, and is currently managing a real estate lending portfolio exceeding 38 billion (as at 30/09/2009) focused on Germany, selected European Markets and the U.S. As a balance sheet lender, relying on customer relationships and with a long-term strategy, Helaba has been continuously open for business and not been subject to rescue operations in the wake of the financial crisis. In this transaction, the bank acted through its real estate origination team in Northern and Central Europe.