Axa and Sirius launch investment vehicle for business parks
AXA Investment Managers and Sirius Real Estate have teamed up to establish a portfolio of office and business parks in Germany. Their joint venture, called Titanium, was set up with an initial portfolio worth €168mn comprising five Sirius properties (Business Park Berlin-Tempelhof, Business Park Berlin-Borsigwerke, GutenbergPark Mainz, Business Park Nuremberg and Business Park Bayreuth). Axa will own 65% of the shares while Sirius will own the balance of 35%. Sirius will continue to manage the 191,000 sqm of office, commercial and warehouse space. The occupancy rate of 88% will produce an annual rental income of €10.45mn. Both partners intend to use their platforms to search for further properties and add them to the portfolio. Sirius emphasizes that it will continue to acquire business parks for its own stock, with more opportunistic investments being made here than in the joint venture. Titanium, for its part, is focusing on stabilized – and also larger – business parks. The total cash commitment from Axa is €43.9mn.
Subscribers to our premium service have access to this article in full as well as to an additional 480,000+ news items: all filterable by topic, company, asset class, city or keyword. In TD Premium you can search for investment deals, leases, current project developments and company news with pinpoint accuracy.
TD Premium is Germany's leading property information tool that interconnects news, transactions, project data, market and company information in a unique and flexible system.