Axa Investment Managers – Real Assets has bought a prime mixed-use building in Kiel, Germany, from developer Centrum.
The acquisition was made on behalf of clients through Axa IM Deutschland.
Originally constructed in the 1960s, the six-storey and almost fully occupied building has recently undergone a comprehensive refurbishment and is equally split between office and retail tenants.
Located on Holstenstrasse, the main street in Kiel, capital of Schleswig-Holstein, the building has a total lettable area of 12,077 sq m.
"This transaction represents a rare opportunity to invest in a much sought-after high street property in one of northern Germany's key commercial destinations," said Matthias Leube, managing director of Axa Investment Managers Deutschland dedicated to real assets.
"Retail is thriving in the local area and, with a full refurbishment completing just this summer, we consider this to be a prime time to invest."