Source: Propertyweek.com

AXA Real Estate Investment Managers has completed the sale of two industrial portfolios for a combined value of €184.1m, marking the close of its European Industrial Partnership.

AXA has sold the Spring portfolio of 10 French assets to Norwood Investors and the Zander portfolio of 11 Dutch assets to Rockspring Property Investment Managers for €67.1m.

The sales mark the conclusion of the disposal of the European Industrial Partnership’s assets, which commenced in January 2013 ahead of the fund’s expiry in January 2015.

Rockspring acquired the Zander portfolio, on behalf of TransEuropean Property Limited Partnership V fund, comprising 1.8m sq ft across 11 multi-let industrial assets.

The assets are all located in the Randstad area comprising Amsterdam, The Hague, Rotterdam and Utrecht.

EIP was set up by AXA Real Estate in July 2001 with Valad Europe as asset manager to invest in income-producing, multi-let industrial estates across Europe. It acquired more than 53 industrial estate in Germany, France and the Netherlands when it was fully invested.

Dennis Lopez, chief investment officer of AXA Real Estate, said: “Despite the challenging market conditions the completion of the disposal programme concludes the operation of this investment vehicle which has been in place for over 12 yeRockspring was advised by Caisson Investment Management on the transaction, while AXA Real Estate was advised by CBRE.

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Lisa Allsup

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