AXA Real Estate sells 21-asset portfolio to international real estate fund
AXA Real Estate Investment Managers (“AXA Real Estate”), the leading real estate portfolio and asset manager in Europe1, with €45 billion of assets under management as at March 2013, announces it has completed, on behalf of clients, the sale of a portfolio of 21 food retail assets located across Germany to Fairvesta Real Estate Fund, an international real estate and investment company based in Tübingen.
The portfolio comprises approximately 40,000 sqm of primarily food retail space and its 21 units range in size from 1,200 sqm to 2,600 sqm. These assets are located across Germany but predominantly in Northern Germany, Saxony, Bavaria and Rhineland Palatinate, which provides the acquirer with strong levels of diversification in one of Europe’s strongest economies. The portfolio is currently 98% let to major European and national food retailers. The portfolio currently has a weighted average unexpired lease term of six years.
AXA Investment Managers Deutschland GmbH provides asset management services for AXA Real Estate.
DTZ acted as agent on behalf of AXA Real Estate.
Matthias Leube for AXA Real Estate, commented: «The requirement for many investors to seek strong and resilient income flows has led to significant demand for well-located food-based retail let to retailers with strong covenants, particularly in Germany as one of Europe’s top performing economies».
Source : Company