AXA IM Alts has bought a research and development (R&D) facility in Germany for €124m.

The €163bn global alternative investment manager has acquired The Rocks – Aachen asset located on the RWTH Aachen University Melaten Campus in North Rhine-Westphalia from an unnamed European commercial real estate company.

The Rocks – Aachen, constructed in 2017, comprises 28,000sqm of office and R&D space, alongside a 554-space multi-storey carpark and a 3,900sqm adjacent development site.

AXA IM Alts said the acquisition forms part of its European core diversified open-ended real estate strategy, which now exceeds €5bn of assets. This acquisition is the manager’s 10th investment into Germany this year.

Ulrike Haack, the head of transactions, Germany at AXA IM Alts, said: “This acquisition represents a rare opportunity to acquire a high-quality income-producing asset in one of Germany’s key innovation clusters.

”Our local team has a strong track record in delivering successful asset management and development projects and we look forward to continuing to leverage our expertise in one of Europe’s fastest-growing submarkets.”

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