Axa IM: Open-ended fund purchases properties for €260mn
Axa Investment Managers (Axa IM) has acquired properties with a total value of €260mn for its open-ended property fund Axa Immoselect, announcing that the purchases in Luxembourg, Sweden and Spain were already secured by sales contract and that the necessary liquid funding was already reserved. In Luxembourg, the management of the fund acquired the five-story building called “K-Point” in the district of Kirchberg with 9,900 sqm of lettable area via shares in a special purpose vehicle. Axa IM quotes the investment volume at approximately €70mn. In Sweden, a shopping park near Malmö with a total area of approximately 37,000 sqm was purchased; in Spain, AXA IM bought a logistics property with a total usable area of 137,000 sqm. Axa Immoselect is one of the open-end funds which were frozen in the course of the past weeks due to excessive cash outflow brought on by/on the part of the investors.