AXA Investment Managers–Real Assets has completed the acquisition of an urban residential development in Dresden, Germany, for €100m.
The Paris-headquartered investment manager said the acquisition was made on behalf of L’Etablissement de Retraite Additionnelle de La Fonction Publique (ERAFP), the French pension fund.
AXA IM-RA said the development is expected to complete in 2020 and will deliver 211 residential units and 137 fully furnished micro apartments, as well as commercial and retail areas which aim to serve the daily needs of the residential component.
Around 50% of the retail area is already let on long-term leases to major German retail operators, AXA IM-RA said.
Sven Krumpholz, head of asset management and transactions in Germany at AXA IM-RA, said: “This major urban development will deliver new apartments to the growing yet supply-constrained local market in Dresden.
“We believe that our knowledge and track record in Germany, combined with our development expertise, will support the ongoing delivery and future success of this scheme.”
AXA IM-RA currently has over €6bn of assets under management in Germany including around €640m of residential assets as of the end of June.
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