Axa Investment Managers - Real Assets has bought on behalf of clients the Rex Building at 62 Queen Street in the City of London for reportedly just over £70m. The seller was Aberdeen Asset Management.
The Rex Building is fully let to three tenants. The 78,352 sq ft office building was developed in 2007 and sold to Scottish Widows Investment Partnership, now Aberdeen, in 2014 for £57.4m.
"The Rex Building is located in an area where we see potential to create further value, notably through asset management initiatives," said Huw Stephens, head of UK transactions at Axa IM - Real Assets. "This new acquisition takes our investments on behalf of our clients into the London market in 2015 to over £2bn."
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