AXA Real Estate sells Swedish portfolio to FastPartner (SE)
Wednesday 4 July 2012
AXA Real Estate Investment Managers announces that, on behalf of the European Added Value Fund ‘EAVF’, it has sold a portfolio of 15 properties in Sweden to FastPartner, a Stockholm Stock Exchange-listed property investment company.
The portfolio comprises 15 properties located throughout Sweden which have a total lettable area of approximately 52,000 m².
The portfolio is predominantly let to Mekonomen, Scandinavia’s largest car repair chain, and includes Mekonomen’s central distribution warehouse the Bussen 3 logistics property.
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 97 properties which are diversified by asset class, across the office, retail and industrial sectors, and geographically across Germany, Italy, France, Portugal, Belgium, the Netherlands, Sweden and Denmark.
Henrik Bastman, Head Of Asset Management - Nordic Region, commented on the disposal: “As the EAVF approaches the end of its natural life, this sale is part of our strategy to undertake an orderly sales process in order to maximize returns to investors. The sale underlines the fact that there is good demand for quality assets let to strong tenant covenants.”