INDUSTRY NEWS

AXA Real Estate acquires office space for £70m

AXA Real Estate Investment Managers SGP, have acquired London office space at 63 St Mary Axe for £70m on behalf of the French public service additional pension scheme.

The multi-let office building currently houses retail and leisure space on the ground floor. Meanwhile, 83,871 sq. ft of office space has been added to the higher floor after a substantial redevelopment two years ago. The refurbishment was completed by Rockspring and Moorevale, who acquired the property in 2011. Their contributions added significant value.

Global Head of Asset Management and Transactions, Anne Kavanagh, said: “At a time when demand is expected to continue to exceed supply for Grade A office space in London’s prime central locations, AXA Real Estate further demonstrates excellence in sourcing high quality properties.”

AXA also purchased the adjoining Camomile Court earlier this year, making this latest acquisition the 5th in total in European Markets in recent months. The properties join AXA’s Houndstitch and Outwich Street properties.

Kavanagh continued, “Through utilising our existing relationships and strong on the ground teams, we have been able to successfully execute this transaction at an opportune time when the City’s increasingly dominant position as a global business destination continues to drive lower vacancy rates in the area.”

By: Kirsty MacGregor

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