AXA Real Estate Investment Managers has acquired an office building in Luxembourg from Deka Immobilien for €32.2 mln.
AXA Real Estate Investment Managers has acquired an office building in Luxembourg from Deka Immobilien for €32.2 mln.
The transaction was made on behalf of the Caesar Fund for Italian institutional investors and brings its total investments to €326.5 mln.
The asset, Monnet 6, comprises 4,485 m2 of office space over five storeys and is currently fully let to five tenants. The property also includes around 650 m2 of storage and archiving space, as well as parking for 141 cars.
Monnet 6 was built in 1992 and extensively refurbished and modernised in 2012. The asset is located in the Kirchberg area of Luxembourg’s central business district.
At its last close in October 2012, the Caesar Fund raised €209 mln in equity from 12 Italian institutional investors alongside AXA insurance companies, giving it a total potential fund size of €415 mln once fully invested.
Guy Van Wymersch, head of Benelux at AXA Real Estate, commented: ‘This transaction is illustrative of AXA Real Estate’s aim to capitalise on the resilient economic fundamentals and established real estate market that the Benelux region provides. The Kirchberg office market in Luxembourg is characterised by a remarkably low vacancy rate of 1.8% and strong rental growth, appealing to an increasing number of international companies.’