AXA Investment Managers - Real Assets completes acquisition of Rives de Paris office asset, France, on behalf of AXA Selectiv’ Immo
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 it has completed the acquisition of Rives de Paris, an office asset in Montrouge, France, on behalf of AXA Selectiv’ Immo(2), a retail fund accessible to French retail investors (the “Fund”) mainly through life insurance contracts distributed by AXA France. The Fund now manages more than €2 billion of assets. This transaction was structured as a sale and leaseback agreement with the vendor and primary tenant, Pfizer, one of the world’s largest pharmaceutical companies.
The c.20,000 sqm office asset has served as Pfizer’s French headquarters since its delivery in 2001. Spread across eight lettable floors plus three basement levels, Rives de Paris comprises features including a spacious lobby, restaurant, fitness centre plus a 427-space underground car park. The remaining space is occupied by a further three tenants.
The Rives de Paris is located in the ‘Zac Francois Ory’ office district in Montrouge, along the Parisian Boulevard Périphérique. The property benefits from a Parisian address and from excellent visibility from the ring road which offers direct access to the A6 motorway. Its accessibility is further strengthened through good public transportation, with two métro and a RER station located a short walk away.
Antoine Aubry, Fund Manager at AXA IM - Real Assets, commented: “This transaction brings AXA Selectiv’ Immo’s total assets under management to over €2 billion, since its launch in 2012. The Fund now comprises a portfolio of 30 assets spread across seven prime European cities, demonstrating its success in delivering on its intended strategy of building a diversified portfolio of assets in strong locations, which are expecting to offer superior resilience on a long term basis. Having recognised the quality of the location and the intrinsic value of the Rives de Paris asset, we believe this investment will aim to offer attractive relative value for the benefits of our clients.”
Nathalie Charles, Head of Asset Management & Transactions, Southern Europe at AXA IM - Real Assets, commented: “This acquisition reaffirms AXA IM - Real Assets’ confidence in the strength and prospects of the Paris office market. Our ability to innovatively structure this sale and leaseback transaction provided us with highly sought access to a coveted building, while at the same time the benefit of retaining the strong covenant of one of the world’s leading businesses, Pfizer, with whom we aim to establish a long term relationship to ensure the resilience of this investment.”
Winston Smith, Pfizer Global Operations, commented: “This is a major achievement for Pfizer which supports our business imperatives. Pfizer and AXA IM - Real Assets have a strong alignment and there are mutual benefits for both organisations to maintain this relationship. This is not only good for Pfizer Inc. but for all the colleagues within the business based in Paris who will benefit from a modern environment that will continue to evolve and improve”.
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1 Source: IP Real Estate Top 100 Investment Management Survey – Nov/Dec 2016
2 Source: AXA Selectiv’ Immo is managed by AXA REIM SGP, a subsidiary of AXA IM - Real Assets
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