AXA Real Estate Investment Managers SGP, an affiliate of AXA Real Estate Investment Managers, has announced that the acquisition of 1 Tudor Street, London, on behalf of AXA Selectiv’ Immo from Aberdeen Property Trust has been completed in a £59 million deal.
1 Tudor Street is a 70,720 sq ft Grade A office development situated in the Blackfriars area and comprises eight high quality tenants spanning seven above-ground floors, as well as lower ground and basement levels. It’s connected to a number of underground and mainline railways, within walking distance of a variety of cafés, restaurants, bars and shops.
Tudor Street tackles both the City of London and Midtown markets, which have seen a substantial increase in investor demand. Throughout Blackfriars, the high number of office and residential developments currently taking place along with the arrival of the Farringdon Crossrail Station in 2018, will give the area a welcomed boost.
The acquisition is part of the Fund’s core strategy to acquire qualitative income focused assets across European markets, for the likes of retail, office and residential.
Head of UK Transactions at AXA Real Estate, Huw Stephens, said: “Over the last 5 years we have invested or committed to invest almost £3.6 billion of equity into London real estate assets founded on a clear view that the economic growth and occupational demand of London opens up significant investment opportunities for our clients.
“1 Tudor Street is another good addition to our Central London portfolio and builds on our theme of investing growth assets which demonstrate first class real estate fundamentals and reversionary resilience of a relatively low base.”
Antoine Aubry, Fund Manager of AX Selectiv’ Immo, added: “This is the first acquisition by the Fund in the UK market, allowing us to further diversify its geographical reach, with AXA Selectiv’ Immo’s real estate portfolio now spanning five European countries.
“We will continue to source pan-European investment opportunities in line with the philosophy of the Fund and the expectations of our clients in order to further improve its long-term strength and value.”
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