AXA IM-RA pays 150m for 919-unit affordable housing rental portfolio in Madrid
KKR acquires majority shareholding in Etche France
AxA Investment Managers - Real Assets has completed, on behalf of clients, the forward purchase of a 919-unit affordable housing for rent portfolio in the Madrid region of Spain for 150m. The portfolio s vendors are build-to-rent company Tectum Real Estate and development company Locare Real Estate. The portfolio is spread across seven different assets which are at various stages of their deve- lopment processes, with one asset already com- plete and fully occupied, three currently under construction and the remaining three having already obtained building permits. Due to be delivered between 2020 and 2022, each asset will be transferred to AXA IM - Real Assets upon completion and fully leased.
US investment company KKR has announced the acquisition of a majo- rity stake in Etche France from the BMF Group and its co-founders. The private real estate company owns and operates a portfolio of approximately 120 assets
throughout France, valued at around 400m, in the logistics, light industry and office sectors. Through this operation, KKR aims to increase its real estate presence and its ability to operate in France, focusing
in particular on boosting growth in the industry and logistics (I&L) sector. Over the last 24 months, the company has acquired approximately 800,000 sqm of I&L space in France, the Netherlands, Italy, Spain and Ireland.
Nuveen Real Estate pays 135m for three French logistics assets
Nuveen Real Estate has just acquired three prime logistics assets in France, near Paris, Marseille and Lyon, on behalf of one of its European logistics vehicles. These three acquisitions represent a total invest- ment of more than 135m. Following the health crisis, we are seeing a sharp increase in storage assets, particularly for e-commerce and food distribution players,» said Christel Zordan, Head of France for Nuveen Real Estate. Taking into account their respective strategic locations and quality occupants, we expect to achieve our investors target rates of return. With this in mind, we continue to seek new opportunities in the French logistics market.
Global real estate agencies withdraw from Expo Real 2020 Global real estate agencies Cushman & Wakefield, JLL, CBRE, Savills and Avison Young have canceled their participation in Expo Real, scheduled in Munich from 5 to 7 October 2020, citing the risks associated with the Covid-19 pandemic as the reason. Reached by Business Immo, a Cushman & Wakefield spokesperson said: We have not exhibited at industry events since our decision in February to withdraw from MIPIM due to the COVID-19 pandemic. We will not be doing so at Expo Real either this year as the health and safety of our people and clients remains our absolute priority. JLL in a statement: After careful consultation, we have decided to withdraw from Expo Real, taking place in October 2020 in Munich, to ensure we can continue to protect the health and well-being of our employees and clients. The Bavarian Ministry of Economic Affairs, Regional Development and Energy announced on 26 May that trade fairs will be authorized again from 1 September, paving the way for Expo Real to be held as scheduled. We are continuing to work on the possibility of holding Expo Real at the beginning of October, Messe München, the event s organiser, told Business Immo. In coordination with the Bavarian state government, we are currently working on a hygiene concept that will make it pos- sible to hold the fair in Germany even under the current official regulations. Having extended the registration deadline to 17 June, the exhibition centre intends to communicate mid-June how Expo Real will continue and in what form it will take place.
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69 | Magazine Business Immo #166 Juin 2020
BUSINESS IMMO / EUROPE NEWS