Global investor AXA Investment Managers - Real Assets (AXA IMRA) has completed the acquisition of an office building in Paris from LBO France for an undisclosed sum.
The asset, dubbed West Park, is currently undergoing extensive refurbishment. Constructed in the 1980s, the 20,100 Grade A office property is spread over 11 floors, with parking for 200 cars. It is due for completion in Q4 2017 and has been fully pre-let on a 12-year fixed lease to French insurance group, Groupama.
'This acquisition further affirms AXA IMRA’s commitment to investing in the Paris office market which continues to display occupational strength and positive prospects. This transaction follows the acquisition of the Rives de Paris office building in Montrouge, on behalf of AXA Selectiv’ Immo,' commented Jérôme Delaunay, local head of asset management & transactions, France.
West Park is located on Boulevard de Pesaro in the western part of the La Défense business district of Paris. The area will also benefit from the Grand Paris metro extension project.
'This acquisition brings AXA Selectiv’ Immo’s assets under management up to more than €2.7 bn. West Park is a major investment for the fund, both in terms of size as well as qualities of the asset. It benefits from a strong covenant and the continual improvement and growing appeal of its surrounding environment, which positions it directly in line with AXA Selectiv’ Immo’s investment strategy,' concluded Antoine Aubry, senior fund manager of AXA Selectiv’ Immo.
