The real assets arm of Axa Investment Managers has completed the purchase of a €1.1 billion European office portfolio through the acquisition of NorthStar Realty Europe.
According to the firm, the deal gives Axa IM access to a portfolio of prime European offices and hotels that will be integrated into its own wider portfolio of European real assets.
NorthStar Realty Europe’s portfolio is comprised of 122,000 sqm of office space in cities across Europe’s three core markets – France, the UK and Germany – the firm said.
The acquisition also includes two hotels in Berlin which total 334 rooms across 12,000 sqm.
John O’Driscoll, European head of transactions at Axa IM – Real Assets, said the offices have high occupancy rates and produce strong levels of income with longer term potential for further income generation.
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