AXA Investment Managers - Real Assets (AXA IM - Real Assets) has completed the £29 mln (€39 mln) acquisition of an office property in central London as part of its value-add refurbishment strategy.
AXA Investment Managers - Real Assets (AXA IM - Real Assets) has completed the £29 mln (€39 mln) acquisition of an office property in central London as part of its value-add refurbishment strategy.
AXA's real estate investment and asset management business purchased 182-184 High Holborn in Covent Garden on behalf of its clients.
The plan is to refurbish the asset, with Morgan Capital Partners acting as development manager.
The property is currently fully let to a single tenant until the fourth quarter of 2016. Once the lease expires AXA IM - Real Assets will undertake a comprehensive refurbishment to capitalise on the increasing demand for modern office space in this popular midtown location.
Constructed in 1985, the building was refurbished in 2006, and comprises 2,770 m2 of office space arranged over basement, ground and five upper levels. Located in Covent Garden at the junction of High Holborn and Smart’s Place, the property is directly opposite the upcoming redevelopment of 21-31 Oxford Street and near Central St Giles.
Colliers acted on behalf of AXA IM - Real Assets and Savills acted on behalf of the unnamed vendor I the transaction.
AXA IM - Real Assets said the latest transaction was directly in line with its value-add investment strategy, which is focused on office, retail, logistics, hotel and alternative real estate assets in Europe's key real estate markets. The business currently has €9.9 bn of development projects under management, €2.4 bn of which are in the UK, with the focus on central London.
