AXA Investment Managers–Real Assets has bought a £56.6m (€66.2m) London office building for its pan-European, open-ended fund.
The French investment manager said it acquired the 79,506sqft Warwick Building for AXA CoRE Europe Fund, which it launched last year.
Legal & General sold the building on behalf of the Bishopsgate Long Term Property Unit Trust.
The Warwick Building is a former Victorian warehouse that includes flexible office space across five floors.
The building is fully let and has planning consent for two further storeys to provide up to 25 new residential units.
The Warwick Building sits within Kensington Village, an office campus that was redeveloped in 2000.
Huw Stephens, head of UK transactions at AXA IM–RA, said: “The fully-let Warwick Building is a distinctive and highly appealing property which is part of a landmark scheme in a popular, affluent and extremely well connected area of London.
“AXA IM–RA remains committed to substantial UK property investment and this acquisition is further evidence of the long-term attraction of London.”
Will Edwards, senior fund manager of Legal & General’s Bishopsgate Long Term Property Unit Trust, said: “The successful execution of our business plan for this property, realised through the positive settlement of the 2016 rent review, coupled with the subsequent sale, are testament to the skill of our asset management platform and these initiatives have enabled us to deliver strong returns for our client.”
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