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AXA Real Estate completes €2.13bn of transactions in H1 2011
More acquisitions undertaken than the whole of 2010 with significant shift in focus to the UK market
Article posted: 22 Aug 2011
AXA Real Estate Investment Managers has announced that it has completed €2.13bn of transactions in Europe on behalf of clients in the first half of 2011. In line with the strategic objectives of major clients, there has been a shift in geographical focus compared to 2010, with investment flows moving away from France into other core European markets, in particular towards the UK.
As forecasted, total transactions over the first half have increased significantly across Europe, with 80 transactions comprising €1.19b of acquisitions and €939m of sales completed during the period, compared to €2.7bn of transactions undertaken for the whole of 2010.
There has been a geographical change in transactional activity over the last six months, reflecting particular client strategies. This has resulted in 46% of acquisitions taking place in the UK, compared to 25% last year and 19% in France compared to 18% last year.
This shift in geographical focus was further evidenced by the announcement following the half year of the creation of a joint venture between AXA France Insurance Companies and Norges Bank Investment Management, whereby AXA Real Estate, on behalf of its client, sold to Norges Bank a 50% interest in seven assets from a Central and Paris region office portfolio with a total value of €1.4bn. AXA France Insurance Companies expects to reinvest the equity across Europe to create a more geographically diverse portfolio.
Other notable transactions during the first half of 2011 have included the acquisition, on behalf of one of AXA Real Estate’s clients, of 240,000 sq ft of fully let prime office space in the City of London at 20 Gresham Street (pictured).
In July AXA received planning consent for a £50m development of new office space in Manchester’s St Peter’s Square. AXA Real Estate manages the property on behalf of Manchester based insurance firm, the Co-operative Insurance Society Ltd (CIS), which owns the building.
AXA intends to replace Peterloo House, the seven floor, 40,000 sq ft 1960's office building currently on the site, with a new 108,000 sq ft, 12 story, Grade A office scheme. Situated on Dickinson Street in Manchester’s central business district and fronting onto St Peter’s Square, the new building, which has been designed by architects Squire and Partners, will provide accommodation for around 800 employees.
Posted by Julie
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