AXA acquires European assets for EUR 260m

AXA Investment Managers Deutschland has expanded the portfolio of its open ended real estate fund AXA Immoselect with the acquisition of three properties and property development companies in Luxembourg, Sweden and Spain. The value of the acquisitions comes to EUR 260 mln, and the finacing has already been secured, AXA IM said in a statement.

The fund management firm purchased the five-storey K-Point building in Luxembourg's Kirchberg suburb for EUR 70 mln. The property offers a rentable area of around 10,000 m2, of which 90% is leased for a fixed term of nine years. AXA also noted that the property has a 15-month guarantee on the value of the retail space on the ground floor.

In Sweden, the fund bought a retail warehouse park project consisting of five buildings with a total area of around 37,000 m² northeast of Malmo. In Spain, AXA IM's fund bought two logistics sites consisting of four buildings. The properties, which offer a total of 137,000 m² of space, are almost completely leased. Three of the buildings were constructed between 1995 and 2001 and are located in the greater Madrid metropolitan area, while the other property is located in Barcelona.

'These investments provide us with a good risk diversification in terms of the tenant industries represented within the fund portfolio, particularly in the logistics sector, which has been significantly expanded by the purchase of these prime-location properties estate', said fund manager Achim Grafen.