Acquisition of ‘Le Dôme’ office building in Luxembourg
AXA Investment Managers - Real Assets completes acquisition of ‘Le Dôme’ office building in Luxembourg
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real asset investments and the leading(1) real estate portfolio and asset manager in Europe, announces that it has acquired, on behalf of clients and as part of its core strategy, Le Dôme, a high quality office building in Luxembourg.
Situated in the Station district of Luxembourg City, on avenue Charles de Gaulle, rue du Laboratoire and rue Bender in Luxembourg, Le Dôme totals 21,457 sqm of divisible office floor space across three separate buildings, around an internal courtyard, each with their own private entrance hall, and parking for a total of 198 cars. Delivered in 2006, the BREAAM building is 100% let to 16 tenants, a mixture of established global businesses and, as a state backed technology hub, a number of start-ups, offering a diversified income stream by both number and type of tenant.
The Luxembourg office market is characterised by low vacancy levels trending downwards and both a lack of existing good quality office space and a limited pipeline of speculative office development between 2018 and 2020. Occupier demand has remained robust, underpinned by Luxembourg’s historical attraction to the financial services sector and rapidly growing technology sector, due to its stable political and legal environment, state-of-the-art ICT infrastructure and the international and productive workforce.
The Station district is one of Luxembourg’s three core office districts, as well as a major retail centre. Le Dôme benefits from its close proximity to the City’s main train station, a ten-minute walk, and proposed tram station, due to open around 2020, as well as offering excellent vehicular accessibility.
John O’Driscoll, European Head of Transactions at AXA IM - Real Assets, commented: “This is a rare opportunity to acquire a core office investment, in a growing and major European employment hub, with a strong track record of occupancy and resilient income profile delivered through a diverse tenant base. Furthermore, the flexible floor plates increase the building’s desirability and offer an opportunity for our asset management team to improve the rental tone with the aim thereby to enhance returns on behalf of our clients.”
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1 Source: INREV/ANREV Fund Manager Survey – May 2018 – in terms of assets under management
AXA Investment Managers - Real Assets
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Note to editors
AXA Investment Managers is an active, long-term, global, multi-asset investor. We work with clients today to provide the solutions they need to help build a better tomorrow for their investments, while creating a positive change for the world in which we all live. With approximately €759 billion(1) in assets under management as at end of June 2018, AXA IM employs over 2,390 employees around the world and operates out of 30 offices across 21 countries.
AXA Investment Managers - Real Assets has €77 billion in assets under management, including €58.6 billion in direct property & infrastructure and €14.8 billion in real asset finance as of end of June 2018(2). We offer a 360° approach to investing in real assets, which comprises opportunities in equity or debt, across different geographies and sectors, as well as via private or listed instruments. We are a global leader in real assets investment, the number one property portfolio and asset manager in Europe(3), and one of the largest worldwide. Our teams have been managing funds and mandates for over 30 years and comprise over 600 people in 14 offices that operate in over 20 countries around the world, which provide us with in-depth knowledge of countries, cities and sectors.
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1 Source: AXA IM unaudited data
2 Source: AXA IM - Real Assets’ unaudited data
3 Source: INREV/ANREV Fund Manager Survey – May 2018 in terms of assets under management
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