AXA Real Estate buys in London, Espoo and Madrid for €208m

AXA Real Estate Investment Managers has completed the acquisition of three separate assets in London, Espoo, Finland and Madrid on behalf of two French institutions for a total of €208 mln.

Camomile court in London, Keilalahdentie 2–4 in Espoo (near Helsinki), as well as a 50% stake of Gran Via 37, Madrid, have been acquired on behalf of the French public service additional pension scheme, ERAFP, for around €169 mln.

The remaining 50% of the Madrid retail asset has been acquired on behalf of a French collective investment fund, managed by AXA REIM SGP, a unit of AXA Real Estate.

Camomile Court was bought from Cordea Savills for £48 mln (€64 mln) and provides 7,119 m2 of office space over seven storeys, plus a basement office. Situated in the City of London, the asset is fully let to six tenants on strong covenants with an average lease length of over four years.

Keilalahdentie 2–4, Espoo, was acquired for €65 mln and comprises 17,076 m2 of office space, alongside 404 parking spaces. Originally constructed in 2001, the asset is currently fully let to Microsoft Mobile on a long-term lease. Espoo is the second largest urban area in Finland and is located with the capital area next to Helsinki.

Gran Via 37, Madrid is a 4,134 m2 retail asset and was acquired for €80 mln.

Following the recent acquisitions AXA Real Estate has now invested a total of €227 mln on behalf of ERAFP after receiving a €350 mln mandate in 2013.

Pierre Vaquier, chief executive officer of AXA Real Estate, commented: 'The three acquisitions are directly in line with ERAFP’s strategy to acquire core and core plus assets, with good sustainability credentials in key European markets and we have relied on our strong local presence and expertise to simultaneously execute these high profile transactions.'