AXA sells 6,200m[sup]2[/sup] office building in Lisbon

AXA Real Estate has sold its freehold interest in a building in Lisbon to a private investor. The investment volume was not disclosed.

The building comprises 6,200 m² of office and retail area located at Avenida do Mediterrâneo, Parque das Nações. The property is leased to AXA Seguros until April 2020. It received an award for the best office building in Portugal at the prestigious Óscares do Imobiliário architecture awards in 2000.

AXA RE sold the property on behalf of its European Added Value Fund (EAVF).

Hermann Montenegro of AXA Real Estate Investment Managers Iberica, commented: 'This is one of the most significant transactions within the Lisbon office market this year and demonstrates AXA Real Estate’s ability to generate value on behalf of our investors despite difficult market conditions.'

EAVF was launched in April 2006 and focuses on properties with added value potential in the eurozone and Nordic countries.

The fund is currently invested in over 70 properties which are diversified by asset class across the office, retail and industrial sectors, and geographically across Germany, Italy, France, Belgium, the Netherlands and Denmark.

CBRE acted as agent in this transaction.

AXA RE is the largest real estate fund and asset manager in Europe with over EUR 43 bn of assets under management as at September 2012.