AXA IM - Real Assets, a global leader in real asset investments and the leading real estate portfolio and asset manager in Europe, announces that it has completed the acquisition of West Park, a fully pre-let office building in Paris, France, from LBO France. The acquisition has been made on behalf of AXA Selectiv’ Immo, a retail fund accessible to French retail investors mainly through life insurance contracts distributed by AXA France. The purchase price was undisclosed.
The 20,100 m² Grade A office building is spread across 11 floors, including three underground levels, with combined parking space for c.200 cars. Originally constructed in the 1980s, the asset is currently undergoing an extensive refurbishment, due for completion in Q4 2017, and has been fully pre-let on a 12-year fixed lease to French insurance group, Groupama.
West Park is located on Boulevard de Pesaro in the western part of the La Défense business area of Paris, with local occupiers including a host of international financial and insurance companies. The building benefits from good transport infrastructure with direct access to the A86 highway, and is a short walk away from the Nanterre Préfecture station which links to Paris La Défense, France’s busiest multimodal transportation hub. The area will also benefit from the Grand Paris metro extension project.
Jérôme Delaunay, Local Head of Asset Management & Transactions, France, at AXA IM - Real Assets, commented: “This acquisition further affirms AXA IM - Real Assets’ commitment to investing in the Paris office market which continues to display occupational strength and positive prospects. This transaction follows the acquisition of the Rives de Paris office building in Montrouge, on behalf of AXA Selectiv’ Immo.”
Antoine Aubry, Senior Fund Manager of AXA Selectiv’ Immo at AXA IM - Real Assets, commented: “This acquisition brings AXA Selectiv’ Immo’s assets under management up to more than €2.7bn. West Park is a major investment for the Fund, both in terms of size as well as qualities of the asset. It benefits from a strong covenant and the continual improvement and growing appeal of its surrounding environment, which positions it directly in line with AXA Selectiv’ Immo’s investment strategy.”
