AXA Real Estate has completed the acquisition of 77 Fulham Palace Road, Hammersmith, SW6.
The investment manager bought the 193,000 sq ft, four-building estate from Nordea Property Investment UK for around £80m, well over the initial asking price.
It is currently let to 19 tenants but has scope for further development with the opportunity to increase floor space by 18,900 sq ft.
Huw Stephens, head of UK transactions, said: “At 77 Fulham Palace Road we have identified an opportunity, through a number of asset management initiatives, to add value to a core, well located asset in London.”
AXA outbid a long list of bidders including Oaktree and Orion Capital Managers.
BNP Paribas Real Estate advised AXA; JLL advised the vendor.
