AXA IM - Real Assets buys Asticus Building for £80m
AXA Investment Managers - Real Assets has bought the Asticus Building in London for £80m on behalf of one of its funds.
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), the leading real estate portfolio and asset manager in Europe(1), announces that it has agreed the acquisition of the Asticus Building in a prime location in Victoria, central London, for a total amount of £80 million (€105 million)(2). The transaction is made on behalf of AXA IM - Real Assets’ recently launched AXA CoRE Europe Fund (“AXA CoRE Europe” or “the Fund”), managed by AXA REIM SGP(3). This will be the Fund’s first UK acquisition, following on from that of France’s tallest tower, Tour First, located in Paris, alongside a club of investors, in March this year. The vendor is the Aberdeen UK Property Fund.
The transaction is in line with AXA CoRE Europe’s objective of providing institutional investors with long-term stable income through the acquisition of core real estate assets across Europe, capitalising on individual market dynamics and timing.
The 60,731 sqft (5,642 sqm) flexible Grade A office accommodation is multi-let to a number of strong tenants. Arranged over a basement, ground and nine upper floors of 5,000-10,000 sqft (465-930 sqm) floor plates, the popularity of the space is evidenced by virtually zero vacancy levels during the last nine years.
The Asticus Building is located in the immediate vicinity of some of London’s most iconic landmarks, including Buckingham Palace, Westminster Abbey and the Houses of Parliament and in the heart of one of the West End’s most dynamic occupier markets. The building benefits from world-class connectivity, located in close proximity to two underground stations, Victoria mainline station as well as the proposed Crossrail II route.
Rainer Suter, Fund leader for AXA CoRE Europe, commented: “The Asticus Building is a significant acquisition for AXA IM - Real Assets, offering a high-quality, freehold office investment which creates plentiful near-term asset and income enhancement opportunities. Victoria is host to a number of leading businesses and the strategic location of this asset, coupled with the quality of tenants, fits well with the stated Fund commitment of targeting mainstream assets that have a high building quality let to strong tenants on a medium-to-long term basis.”
Huw Stephens, Head of UK Transactions at AXA IM - Real Assets added: “AXA IM - Real Assets is committed to substantial investment in the UK property market and this acquisition is testament to its confidence in London’s long-term attraction as a leading business centre.”
We use cookies to optimise site functionality and give you the best possible experience.
This site uses cookies to store information on your computer.
Some of these cookies are essential, while others help us to improve your experience by providing insights into how the site is being used.
Accept Recommended Settings
Necessary Cookies
Necessary cookies enable core functionality such as page navigation and access to secure areas. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.
Analytics
Analytical cookies help us to improve our website by collecting and reporting information on its usage.
Marketing
We use marketing cookies to help us improve the relevancy of advertising campaigns you receive.
Social Sharing Cookies
We use some social sharing plugins, to allow you to share certain pages of our website on social media.