AXA Real Estate acquires office in Brussels for Italian investors

AXA Real Estate Investment Managers has acquired a core office building in Brussels from Ligne Holdco Lux and Ligne Brussels Lux for an undisclosed sum.

The acquisition was made on behalf of the Caesar Fund, a vehicle for Italian institutional investors. Launched by AXA Real Estate Investment Managers SGR, an Italian regulated subsidiary of AXA Real Estate, the fund has invested €326 mln to date.

AXA RE acquired the property through the purchase of all the shares in the holding company, SPV Ligne Invest.

The multi-let asset comprises around 3,700 m2 of office space over seven floors and is currently 92% let to seven tenants on long leases. Built in 2007 and located at Rue de Ligne 13 in Brussels’ central business district, the asset is close to both the airport and public transportation links.

The acquisition in Brussels is the Caesar Fund’s first in Belgium and is in line with its strategy to acquire well-let, core office buildings located on the periphery of central business districts in main European cities. In July, the fund acquired an office in Helsinki for €41 mln.

At its last close in October 2012, the fund had raised €209 million in equity from 12 Italian institutional investors, alongside AXA Insurance companies, giving it a total potential size of €415 mln once fully invested.

Giorgio Pieralli, manager of the Caesar Fund, commented: ‘This transaction exemplifies the type of high quality, core asset we look to acquire on behalf of the Caesar Fund. As we continue to diversify our investors’ holdings outside of Italy, we remain focused on acquiring assets which will provide long term, secure income streams for our clients.’

Click on the links below to read about previous purchases by the Caesar Fund