AXA Immoselect fund sheds Dutch assets at discount

AXA Real Estate's Immoselect fund has sold a portfolio of Dutch secondary properties for €140 mln.

In a statement, AXA Immoselect said the seven properties - comprising six offices and one retail asset - were sold at a 40% discount to the most recent independent valuation. The deal reflects a net initial yield of 12%.

Although the fund has three years to run, AXA said it has decided to sell now due to the negative outlook for the Dutch property market.

Czech investor-developer PPF Real Estate confirmed to PropertyEU that it is the buyer of the portfolio.

As soon as the transaction is closed, the fund's equity will be reduced by approximately €130 mln, AXA Immoselect said.

The portfolio includes the headquarters of Dutch fashion company Mexx in Amsterdam, a 27,000 m2 office property in Arnhem and a 19,000 m2 office complex in Rotterdam.

Cushman & Wakefield advised AXA on the transaction.