AXA RE sees 76% increase in logistic leasing in 2011

AXA Real Estate Investment Managers signed, on behalf of its clients, 19 leases representing a total of 265,000 m² of space across its logistics portfolio in 2011. This marks a significant increase of over 76% compared to 2010, when 150,000 m² of space was let across six leases.

Of the 19 lettings, nine representing 145,000 m2, were new leases, while the remaining 10, accounting for 120,000 m² of space, comprised lease renewals and extensions.

AXA Real Estate said that the delivery of two new warehouses by the end of the second quarter of 2012, located in Madrid and Bristol, will grow the European logistic portfolio it manages to over two 2 million m².

During the past six years, AXA Real Estate purchased 1.4 million m² of warehouse space on behalf of clients in the period up to 2011, of which around 600,000 m² was developed on a speculative basis.

Of the overall logistics portfolio, 1.1 million m² is located in France, with Italy and Spain the next largest holdings at 250,000 m² and 223,000 m² respectively. The remaining portfolio is located across Germany, the Netherlands, Slovakia, the Nordic region and the UK.