Acquisition of Melbourne office building development
AXA Investment Managers - Real Assets completes acquisition of Melbourne office building development
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 completed, on behalf of one of its clients, the purchase of 21 Harcourt Parade, a parcel of land with full development approval in the Cremorne precinct of Melbourne. Acquired from Caydon Property Group for AUD$32.5 million (c. €20 million)(2), the property will be developed by AXA IM - Real Assets and Caydon Property Group into a high quality office building with construction costs bringing the total investment to just over AUD$100million (c. €61 million)(2). Probuild has been appointed as the builder for the project.
Due for practical completion in 2020, the 9,621 sqm building will comprise six floors of office space all pre-let on a 10-year lease to MYOB, an Australian multinational software services company, two levels of parking and c. 800 sqm of ground floor office and retail space. The 4.5-star NABERS Energy rated building will also feature an array of tenant amenities.
Located just 3km south east of the Melbourne CBD, the completed building will be very well located within the rapidly emerging Cremorne office precinct. The area is served by strong public transport infrastructure within walking distance. The building, which will overlook the Yarra River and Melbourne’s Royal Botanical Gardens, will also be near the AAMI Park stadium, Melbourne Cricket Ground and a range of cafes, bars, restaurants, retail shops and parklands.
The transaction demonstrates AXA IM - Real Assets’ ability to identify and originate real estate investments in Australia, one of the core real estate markets in Asia-Pacific, on behalf of its clients. AXA IM - Real Assets continues to grow its footprint in the region, as it looks to offer its clients a wide range of investment opportunities.
Kumar Kalyanakumar, Head of Australia at AXA IM - Real Assets, commented: “The acquisition affirms our commitment to investing in the strengthening Melbourne office market. This asset represents a compelling investment opportunity, on behalf of our client.”
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1 Source: INREV/ANREV Fund Manager Survey – May 2018 – in terms of assets under management
2 Conversion as of October 9th, 2018
AXA Investment Managers - Real Assets
Charline Coué, Media Relations Manager
Jocelyne Tamssom, Head of Communications
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FTI Consulting Inc.
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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.
AXA Investment Managers is part of the AXA Group, a world leader in financial protection and wealth management.
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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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