AXA Investment Managers – Real Assets, the real assets investment management business of French insurer AXA, has acquired the City of London’s The REX Building for just under £70 million (€100 million; $106 million) from Aberdeen Asset Management.
The property is situated in a prominent City of London location, close to multiple train and underground stations as well as nearby restaurants, cafés and other amenities.
“The REX Building is located in an area where we see potential for further create value, notably through asset management initiatives,” commented Huw Stephens, head of UK transactions, real assets at AXA.
Developed in 2008, the 78,352 square foot prime office building is fully let to three tenants, achieved a “Very Good” BREEAM rating and is arranged over lower ground, ground and five upper floors.
This latest transaction takes AXA’s investments into the London market in 2015 to more than £2 billion.
Investments in the UK’s capital include February’s £220 million acquisition of 22 Bishopsgate, the development, formerly known as The Pinnacle, which stalled in early 2012 when finance for the project ran dry.
AXA also raided Aberdeen’s portfolio in May when it acquired 1 Tudor Street, London for a reported £55 million.