Axa ups its CEE stake
Axa Immoselect, a real-estate fund managed by Axa Investment Managers Deutschland GmbH, has signed an agreement to acquire a 49-percent share in the Europolis E1 portfolio. This controls five Polish properties and is owned by Investkredit Bank AG, Vienna and the European Bank for Reconstruction and Development.
The value of the investment amounts to about EUR 145 (zł.563) million and the weighted starting yield is estimated at six percent. The five venues, now fully leased, include Saski Crescent, Saski Point, Warsaw Towers, Sienna Center, and Bitwy Warszawskiej. The buildings' total usable space is 84,400 sqm.
"The signing of the deal is another significant step forward for Axa REIM in Central Europe. We opened our operations in Budapest in November last year and now, including the Europolis E1 portfolio, we will have some EUR 850 [zł.2,250] million worth of assets under management and further commitments of another EUR 100 [zł.388] million or so in place," says John Verpeleti, head of Central Europe for Axa REIM.
