Acquisition of a major residential-led development in Dresden

Acquisition of a major residential-led development in Dresden

Press Release
28 November 2017

AXA Investment Managers - Real Assets completes acquisition of a major residential-led development in Dresden for c. €100 million

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 the acquisition of an urban residential development in Dresden, Germany, for c.€100 million, on behalf of ERAFP(2), the French Public Service Additional Pension Scheme. The development will deliver close to 350 new homes.

The property is located in Johannstadt which is east of the historical inner city of Dresden, the state capital of Saxony. Close to local amenities and green spaces, the development is on the banks of the river Elbe and is 15 minutes’ walk to the ‘old town’. Known as “Guntzareal”, the development is well connected to the public transport system and is adjacent to three tram stops. It is also close to a number of the city’s university campuses and major employers.

The scheme is expected to complete in 2020 and will deliver 211 residential units and 137 fully furnished micro apartments, as well as commercial and retail areas which aim to serve the daily needs of the residential component. Approximately 50% of the retail area is already let on long term leases to major German retail operators.

Dresden has approximately 550.000 inhabitants and is underpinned by strong economic and social fundamentals, including the expectation of rising average income and falling rates of unemployment. Together with the adjacent extension development of the local savings association as well as the roll out of the district’s re-vitalisation plan which concludes in 2020, Guntzareal is part of a sustainable effort to strengthen the quality of the area.

AXA IM - Real Assets has a strong track record in Germany and currently has over €6 billion of assets under management in the country including c.€640 million of residential assets (as of end of June 2017).

Sven Krumpholz, Head of Asset Management & Transactions in Germany at AXA IM - Real Assets, commented: “This major urban development will deliver new apartments to the growing yet supply-constrained local market in Dresden. We believe that our knowledge and track record in Germany, combined with our development expertise, will support the ongoing delivery and future success of this scheme.”

– ENDS –

1 Source: INREV/ANREV Fund Manager Survey – May 2017 – in terms of assets under management
2 France's largest public pension fund, a 100% SRI institutional investor and one of the largest public pension funds in the world in terms of membership


Press Contacts

AXA Investment Managers - Real Assets
Charline Coué, Media Relations Manager
Jocelyne Tamssom, Head of Communications
Tel +33 1 44 45 97 95

FTI Consulting Inc.
Richard Sunderland, Richard Gotla, Ellie Sweeney, Tom Gough
Tél: +44 20 3727 1000

Note to editors

AXA Investment Managers is an active, long-term, global, multi-asset investor focused on enabling more people to harness the power of investing to meeting their financial goals. By combining investment insight and innovation with robust risk monitoring, we have become one of the largest asset managers in Europe with ambitions to become the chosen investment partner of investors around the world. With approximately €732 billion in assets under management as at end of September 2017, AXA IM employs over 2,450 people based in 29 offices around the world.

AXA Investment Managers - Real Assets has €74 billion in assets under management, including €56.5 billion in direct property & infrastructure and €14 billion in real asset finance as of end of September 2017. 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(1), and one of the largest worldwide. Our teams have been managing funds and mandates for over 30 years and comprise about 600 people in 15 offices that operate in 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 global leader in financial protection and wealth management.

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This document is aimed solely at the media and is for information purposes only. The opinions expressed here are the views of the author and do not constitute investment advice. This is not a recommendation to purchase, sell or subscribe to financial instruments, an offer to sell investment funds or an offer of financial services. This press release is as dated. They do not necessarily represent the views of any company within the AXA Investment Managers Group and may be subject to change without notice. This does not constitute a Financial Promotion as defined by applicable laws and regulation and is for information purposes only.  No financial decisions should be made on the basis of the information provided. Information regarding the background and personnel of AXA IM - Real Assets is provided for information purposes only.

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