AXA Investment Managers - Real Assets completes acquisition of a Grade A office building in Brisbane
- Its first major transaction in Asia-Pacific region on behalf of an Asian client since the acquisition of Eureka - Real Assets -
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real assets investment and the leading(1) real estate portfolio and asset manager in Europe, announces that its Sydney-based subsidiary, Eureka - Real Assets, has completed the acquisition of the landmark Green Square South Tower, an office building in Brisbane, Australia. The acquisition was made on behalf of a leading South Korean pension fund and validates AXA IM - Real Assets’ strategy of continued expansion into new territories, providing a localised presence through which investors can access different products in different markets.
The transaction demonstrates AXA IM - Real Assets’ ability to identify and originate real estate deals 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 existing Asian clients a wide range of investment opportunities, building on the acquisition of Eureka - Real Assets in September 2016 and the opening of a first office in Seoul, South Korea, in 2015, the latter a market in which AXA IM - Real Assets is committed to developing a strong domestic customer base through its local team.
Constructed in 2007, Green Square South Tower is fully let and comprises 17,252 sqm of modern office and 361 sqm of retail in a five-storey A grade campus style commercial office building within the Green Square Precinct in Brisbane. Green Square is strategically located in the Brisbane fringe office market of Fortitude Valley, an established mixed-use commercial and residential precinct with good transport links.
Frank Khoo, Global Head of Asia at AXA IM - Real Assets, commented: “The size of this acquisition and credibility of the client represents a significant milestone in the pan-Asian expansion of AXA IM - Real Assets and wider global strategy of establishing a strong local presence in new geographies. This transaction is an illustration of our ability to offer our Asian clients a wide range of investment opportunities in Asia.”
“With the growing appetite for international investment in quality Australian real estate now stretching beyond the traditional confines of Sydney and Melbourne, we are well placed to find value for our clients in new locations, in the right building, with the right tenants.”
Cho Yun Seok, Head of Business Development, South Korea, at AXA IM - Real Assets, added: “We have been committed to building a local presence and developing our customer base in South Korea since we opened the office in 2015. This acquisition is a strong endorsement of the team’s effort and we now have an extremely strong proposition for South Korean institutions investing both in the Asia Pacific region and across the rest of the globe.”
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1) Source: IP Real Estate Top 100 Investment Management Survey – Nov/Dec 2016
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