French pension fund ERAFP has bought an office asset in central London via a mandate with AXA Real Estate.
L’Etablissement de Retraite Additionnelle de La Fonction Publique – France’s public sector pension fund – made the decision to invest abroad in 2013, its first venture into European real estate.
The fund is targeting core and core-plus assets.
AXA Real Estate said it bought 63 St Mary Axe in the City district of the UK capital for £70m (€95m) from Rockspring, the fifth acquisition for ERAFP in Europe.
The multi-let office building, which includes retail and leisure space, was redeveloped in 2013.
Anne Kavanagh, global head of asset management and transactions at AXA Real Estate, said the City’s “increasingly dominant position as a global business destination continues to drive lower vacancy rates in the area”.
The acquisition follows AXA REIM SGP’s purchase of Camomile Court, also on behalf of ERAFP, earlier this year.
Rockspring sold the St Mary Axe asset for a separate account client, having bought the property in 2011 with Moorevale.