(Watch for GlobeSt.com's exclusive MIPIM video interview with AXA chief investment officer Dennis Lopez as a followup to this story next week.)
LONDON—AXA Real Estate Investment Managers has sealed a deal to buy a prime office building in the City of London for more than $700 million (£472 M). AXA lead the acquisition of the Ropemaker Place building on behalf of three clients—one from Europe and two from Asia. The British Land Company PLC was the seller.
Located in near the new Crossrail entrance at Moorgate train and Underground station, Ropemaker Place was completed in May 2009 to an Arup Associates design and is a 20-story 602,000 sq ft building providing 571,000 sq ft of Grade A office space with some mixed use. The office space is leased to investment grade tenants including Bank of Tokyo Mitsubishi and Macquarie Bank for an average of 14 years, the asset produces a current income of around $36 million (£24 M) annually, and that is expected to grow to $41 million (£27.5 M) by September of 2015.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
