AXA IM Alts has acquired a research and development (R&D) facility located on the RWTH Aachen University Melaten Campus in North Rhine-Westphalia, Germany. The asset has been acquired from a European commercial real estate company for circa €124m. Known as “The Rocks – Aachen”, the asset, which was constructed in 2017, comprises 28,000m² of office and R&D space, alongside a 554-space multi-storey carpark and a c. 3,900m² adjacent development site. With a WALT of more than 11 years, the asset has been acquired almost fully let to a diverse range of occupiers on strong covenants, with 66% of rental income generated by public tenants.
The Melaten Campus is a major national hub for innovation and growth and home to more than 50,000 students who live and study in Aachen, West Germany. The R&D facility will benefit from information sharing across the university’s prestigious network of 16 knowledge clusters, with the Melaten campus alone being home to thirty facilities and more than 400 companies in total. The asset “The Rocks - Aachen” has been designed as a research and development facility to serve the integrated digital production sector, and hosts various e-mobility initiatives, aligning well with AXA IM Alts’ ESG goal of building for tomorrow by investing in innovative projects that capture future opportunities and mitigate risk.
Ulrike Haack, Head of Transactions, Germany at AXA IM Alts, commented: “This acquisition represents a rare opportunity to acquire a high-quality income-producing asset in one of Germany’s key innovation clusters. Our local team has a strong track record in delivering successful asset management and development projects and we look forward to continuing to leverage our expertise in one of Europe’s fastest-growing submarkets.”