AXA IMRA acquires pan-European logistics portfolio from AEW

Global investor AXA IM - Real Assets has purchased a 275,000 m2 logistics portfolio spanning mainland western Europe.

Financial details were not disclosed, but the price is understood to exceed €300 mln, as revealed by EuroProperty, the sister-title of PropertyEU in October.

The vendor in the transaction was AEW.

AXA IMRA made the acquisition on behalf of its AXA Logistics Europe Fund.

Called Prism, the portfolio comprises three assets in France, two in Italy, and one in the Netherlands. They are located in prime logistics sub-markets. The buildings have an average age of 10 years, with an average lease length of more than seven years.

Thomas Karmann, head of logistics at AXA IMRA, said: ‘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.’

Antoine Mesnage, head of acquisitions for France at AXA, added: ‘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.

‘Given the attractive market dynamics underpinning the sector, we are confident in our dedicated team of experts’ ability to effectively incorporate these assets into our expanding logistics platform and drive their growth in terms of income and capital returns.’

The fund has a portfolio of 73 assets in six countries valued at around €1.4 bn.


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