Axa Real Estate completes purchase of City of London office block

Axa Real Estate Investment Managers has completed the acquisition of 1 Tudor Street, London,
from Aberdeen Property Trust for £59m ($92m).

The acquisition was made on behalf of Axa Selectiv' Immo, a French-regulated real estate collective investment undertaking (OPCI).

Completed in 2009, 1 Tudor Street in Blackfriars in the City of London is a fully-let 70,720 ft² (6,570 m²) grade A office development with eight high-quality tenants.

Axa said the acquisition is in line with the fund's core strategy to acquire quality income-focused assets across the European market.

It comes hot on the heels of the fund's acquisition of a 35% stake in the Ruhr Park shopping centre in Bochum, Germany, in partnership with an Axa insurance company (IAR, 27 July 2015).

Following these two acquisitions, Axa Selectiv' Immo's portfolio boasts 20 assets located in France, Spain, Germany, Italy and the UK, for a total value of about €630m ($687m) (as of 3 August).

Huw Stephens, head of UK transactions at Axa Real Estate, commented, "Over the last five years we have invested, or committed to invest, almost £3.6bn of equity into London real estate assets founded on a clear view that the economic growth and occupational demand of London opens up significant investment opportunities for our clients."

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