AXA Investment Managers – Real Assets has acquired an office tower in Brisbane, Australia for over A$200 million ($152 million; €144 million) on behalf of a Korean pension fund.
The deal was completed through the firm’s Sydney-based subsidiary Eureka – Real Assets, formerly Eureka Funds Management, a real estate fund and investment manager acquired by AXA IM – Real Assets back in September.
Eureka, founded in 2004 by Bob Kelly, Kumar Kalyanakumar, Quentin Shaw, Niall McCarthy and Rod Cowdroy, with a focus predominantly on core assets and had made investments in the office, retail, industrial, hotel and residential sectors.
“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,” commented Frank Khoo, global head of Asia at AXA IM – Real Assets.
“This transaction is an illustration of our ability to offer our Asian clients a wide range of investment opportunities in Asia.”
The property acquired is the landmark Green Square South Tower, an office building in Brisbane, Australia. The property is fully let and comprises around 186,000 square feet of modern office and 3,885 square feet of retail in a five-story A grade campus style commercial office building.
AXA IM – Real Assets has more than €70 billion in assets under management, including €53.4 billion in direct property & infrastructure and €14 billion in real asset finance as of end of December 2016.