AXA Real Estate Investment Managers SGP, an affiliate of AXA Real Estate Investment Managers, has announced that, on behalf of AXA Selectiv’ Immo, a French regulated real estate collective investment undertaking (OPCI), it has completed the acquisition of 1 Tudor Street, London, from Aberdeen Property Trust for a total consideration of £59 mln (approx. €84,5 mln).
Completed in 2009, 1 Tudor Street is a fully-let 70,720 ft² (approx. 6,570 m²) Grade A office development benefitting from eight high quality tenants. The modern Blackfriars-located property spans seven above-ground floors, plus lower ground and basement levels, and holds a ‘Very Good’ BREEAM sustainability rating. The building offers floor to ceiling windows on two facades, maximising natural light, and also comprises a double-height reception area.
Tudor Street straddles both the City of London and Midtown markets, both of which have been experiencing strong occupational and investor demand. The Blackfriars area specifically is set to receive a further boost from a number of office and residential developments currently underway in its vicinity, in addition to the arrival of the Farringdon Crossrail station, due to open in 2018. The property is well connected through a number of underground and mainline railways within a short walking distance and benefits from a wide selection of cafés, bars, restaurants, and shops in the surrounding area.
This acquisition is in line with the Fund’s core strategy to acquire qualitative income focused assets across the European market, including office, retail and residential, and comes shortly after the acquisition of a 35% stake in the Ruhr Park shopping centre in Bochum, Germany in partnership with an AXA insurance company. Following these two acquisitions, AXA Selectiv’ Immo’s portfolio comprises 20 assets located in France, Spain, Germany, Italy and the UK, for a total value of approx. €630 mln (as of 3rd August 2015).
Huw Stephens, Head of UK Transactions at AXA Real Estate, commented: “Over the last 5 years we have invested or committed to invest almost £3.6 bln (approx. €5.1 bln) of equity into London real estate assets founded on a clear view that the economic growth and occupational demand of London opens up significant investment opportunities for our clients.
Source: AXA Real Estate
