AXA IM – Real Assets has acquired a c. 275,000 sqm pan-European core logistics portfolio from AEW, on behalf of the AXA Logistics Europe Fund.
The logistics portfolio, which comprises six high quality assets with an average age of 10 years, is fully let with an attractive average lease length in excess of seven years, underpinned by strong covenants.
The six assets which make up the 275,000 sqm portfolio are located in Italy (two properties), France (three properties) and the Netherlands (one property) in prime logistics sub-markets including Milan, Paris, Lyon and Eindhoven, along major national and international transportation hubs that are mission critical for their tenants.
”Whilst predominantly occupied by single tenants, each of the properties offer attractive flexibility, providing longer-term asset management opportunities to future-proof the portfolio,” aid in a statement.
The AXA Logistics Europe Fund managed by AXA IM – Real Assets, has a portfolio of 73 assets valued at c. €1.4 billion and spread across six countries.
“The scale of this portfolio together with its resilient income profile and geographical diversification made it stand out as a particularly compelling opportunity which we are pleased to have secured on behalf of our clients,” said Antoine Mesnage, Head of Acquisitions for France at AXA IM – Real Assets.
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Thomas Karmann, Head of Logistics at AXA IM – Real Assets, added: “This acquisition has enabled us to significantly expand our high quality European logistics exposure as the market continues to benefit from a supply demand imbalance for both large ‘big box’ warehouses and urban last mile delivery units. We are confident that our pan-European logistics platform is positively positioned to take advantage of the structural shifts driven by the rapid growth of e-commerce, changing consumer behaviors, as well as evolving trends in the supply chain.”