AXA Immoselect completes first Czech acquisition

AXA Real Estate Investment Managers (AXA REIM) has acquired a 100% share in the Oregon House office building in Prague from Portland Trust, part of the Apollo Real Estate Group, for EUR 40 mln.

The 15,000 m² Oregon House is located 2006 in the Zlicin district of Prague. It was developed by Portland Trust and delivered in February. Some 75% of the property is leased to high profile tenants including ADP, Cemex and Ikea.

'This acquisition marks our first investment in the Czech Republic and further increases the share of our investments in the growing markets of Central Europe. In a market environment characterised by high purchase prices, we have further implemented our fund strategy of investing specifically in stable-return properties,' said Achim Gräfen, fund manager of AXA Immoselect.

'We also successfully increased the diversification of our portfolio, as this Prague property has now given us exposure to our ninth European country. This investment clearly contribute to the stability of the AXA Immoselect product for our investors.'

AXA REIM, a wholly-owned subsidiary of AXA IM Group, is a specialist in real estate fund management with around EUR 42 bn of assets under management.