AXA Real Estate acquires mixed-use asset in Munich

AXA Real Estate Investment Managers has acquired the Arte-Fabrik building, a mixed-used core asset located in Munich, for €40 mln.

The property was acquired on behalf of one of AXA Real Estate's clients from TMW Pramerica, acting on behalf of TMW Immobilien Weltfonds.

Located at Feilitzstrasse in the Schwabing district of Munich, the 11,000 m2 office-led property has a German film production company and a gym as its main tenants, occupying 38% and 24% of the space respectively.

AXA Real Estate said the transaction is the second acquisition to be undertaken on behalf of this client in 2013 and follows the purchase of a core property in the centre of Mannheim for €70 mln.

Commenting on the acquisition, Matthias Leube, managing director of real estate within AXA Investment Managers Deutschland, said: 'With the acquisition of this property in Munich, we were able meet the specific investment guidelines of our client by purchasing a core-property with a prime location in a major German city at an attractive yield.'

He added: 'We have identified a number of similar investment opportunities and expect to be able to make further acquisitions on behalf of this client during the remainder of the year.'