AXA Investment Managers has completed a deal to buy a London office asset for £29m (€39.4m).

The 182-184 High Holborn was bought by the investment manager’s Real Assets division for its clients. 

The 29,848 sqft building is fully let until the end of next year, when the property will be redeveloped.

Huw Stephens, head of UK real assets transactions, said the deal was an “attractive opportunity within a prime location in London’s highly sought-after Midtown to redevelop a core asset”, adding value through an extension and a refurbishment.

“Covent Garden has been experiencing record low vacancies, and there is clear demand for Grade A office accommodation from a broad range of occupiers,” he said.

“The area’s popularity is expected to receive a further boost from the opening of the nearby Crossrail at Tottenham Court Road in 2018.”

AXA IM’s value-add strategy focuses on office, retail, logistics, hotel and alternative real estate assets in major European markets.