AXA IM Alts has picked up a research and development facility in Germany for €124m (£105m).
The investor purchased The Rocks – Aachen from an unnamed European investor. Its European core investments now exceed more than €5bn.
The building is at the RWTH Aachen University Melaten Campus in North Rhine-Westphalia.
The asset was built in 2017 and comprises 301,000 sq ft of office and research space, alongside a 554-space multi-storey carpark and a 42,000 sq ft adjacent development site.
With a WALT of more than 11 years, the asset has been acquired almost fully let to a diverse range of occupiers on strong covenants, with 66% of rental income generated by public tenants.
Ulrike Haack, head of transactions in Germany at AXA IM Alts, said: “This acquisition represents a rare opportunity to acquire a high-quality income-producing asset in one of Germany’s key innovation clusters.
“Our local team has a strong track record in delivering successful asset management and development projects and we look forward to continuing to leverage our expertise in one of Europe’s fastest growing submarkets.”
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