AXA Investment Managers - Real Assets (AXA IMRA) has bought the French headquarters of pharmaceutical giant Pfizer on behalf of its AXA Selectiv' Immo fund.
Rives de Paris is a 20,000 m2 office building in the Paris suburb of Montrouge, across eight lettable floors with three basement levels and 427 underground parking spaces. Three other tenants in addition to Pfizer occupy the property.
The value of the transaction was not disclosed, but AXA said it brought the total assets managed by the retail fund to more than €2 bn. AXA Selectiv' Immo is targeted at French retail investors, mainly through life insurance contracts distributed by AXA France.
The fund was launched in 2012 and comprises 30 mainly office and residential assets spread across seven prime European cities.
Nathalie Charles, head of asset management and transactions, Southern Europe at AXA IM – Real Assets, said: 'Our ability to innovatively structure this sale and leaseback transaction provided us with highly sought access to a coveted building, while at the same time the benefit of retaining the strong covenant of one of the world’s leading businesses, Pfizer, with whom we aim to establish a long term relationship to ensure the resilience of this investment.'
