AXA Investment Managers – Real Assets has completed on the purchase of the Warwick Building in London for its CoRE European Fund.
The 79,506 sq ft office in Kensington Village, W14, was bought from Legal & General on behalf of the Bishopsgate Long Term Property Unit Trust, for £56.6m.
The former Victorian warehouse is fully let and has potential for further asset management initiatives, with planning consent for two more storeys to provide 25 flats.
The Kensington Village office campus was redeveloped in 2000 and consists of seven buildings.
The AXA CoRE Europe Fund is the flagship pan-European open ended real estate fund of AXA IM and reached €800m of total commitments by the end of 2016.
Huw Stephens, head of UK transactions at AXA IM – Real Assets, said: “The fully let Warwick Building is a distinctive and highly appealing property which is part of a landmark scheme in a popular, affluent and extremely well connected area of London.”
Savills advised AXA IM – Real Assets, whilst Knight Frank advised Legal & General.
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