AXA Real Estate has bought a second Helsinki office property for its Italian Caesar fund.

The core 5,922 sqm property was bought for the fund, managed by an Italian SGR (Societa’ di Gestione del Risparmio) for institutional investors.

IVG Immobilien sold the property, in the Polaris business park in Leppävaara, for an undisclosed amount.  

The asset is the ninth to be bought by AXA’s Caesar fund.

Giorgio Pieralli, Caesar fund manager, said it is buying properties it believes will produce “secure, long-term income” for its clients, as well as potential for future capital and income growth.

Last month, AXA spent €41m on a fully let, 12,000 sqm property in Ruoholahti.

The fund’s last close was in October 2012, having raised €209m in equity from AXA Insurance companies and 13 Italian institutional investors, giving it a total potential fund size of around €420m once fully invested.

Caesar, which has a nine-year life, is looking to achieve an average annual dividend of 5.5% on invested capital and an internal rate of return of 9%.

AXA Real Estate began deploying capital in the UK and France in 2012.

In May, AXA Assicurazioni and AXA MPS made commitments to a new Italian fund that has the option of investing abroad.

The fund, which has an initial investment capacity of €350m, could invest up to €700m in European commercial real estate directly or through funds.

AXA Real Estate also manages the Core Italian Properties Fund (CIPF) for Italian institutional investors.