The European Industrial Partnership fund, managed by AXA Real Estate Investment Managers (AXA REIM), has sold a portfolio of Dutch and French properties to the Scarborough Continental Partners for more than EUR 143 mln. This was the first major deal for Scarborough since it was acquired by Australian-listed developer Valad Property Group in July.
The European Industrial Partnership fund, managed by AXA Real Estate Investment Managers (AXA REIM), has sold a portfolio of Dutch and French properties to the Scarborough Continental Partners for more than EUR 143 mln. This was the first major deal for Scarborough since it was acquired by Australian-listed developer Valad Property Group in July.
The multi-let portfolio comprises over 233,000 m2 of business space and about 200 tenants. Three of the properties are in France and seven are in the Netherlands. 'This sale reflects the very strong interest among international investors in the European industrial sector which is offering attractive returns compared to other asset classes,' Nick Jones, a partner in Cushman & Wakefield's cross-border team said.
Cushman & Wakefield advised AXA REIM's EIP fund on the transaction while legal advisors were Allen & Overy in the Netherlands and Lefèvre Pelletier & Associés in France. Scarborough was represented by CMS Cameron McKenna.
See also our article on AXA REIM's closing of four funds