AXA Real Estate Investment Managers (AXA Real Estate) has sold a portfolio of 15 properties in Sweden to FastPartner, a Stockholm-listed property investment company. Financial details were not disclosed.
AXA Real Estate Investment Managers (AXA Real Estate) has sold a portfolio of 15 properties in Sweden to FastPartner, a Stockholm-listed property investment company. Financial details were not disclosed.
The portfolio, bought on behalf of the European Added Value Fund (EAVF), comprises 15 properties located throughout Sweden which have a total lettable area of 52,000 m2. The portfolio is predominantly let to Mekonomen, Scandinavia's largest car repair chain, and includes Mekonomen's central distribution warehouse, the Bussen 3 logistics property.
EAVF was launched in April 2006 and focuses on properties with added-value potential located in the eurozone and Nordic countries. The fund is currently invested in 97 properties in the office, retail and industrial sectors which are located across Germany, Italy, France, Portugal, Belgium, The Netherlands, Sweden and Denmark.
'As the EAVF approaches the end of its natural life, this sale is part of our strategy to undertake an orderly sales process in order to maximise returns to investors,' said Henrik Bastman, head of asset management for the Nordic region. The sale underlines the fact that there is good demand for quality assets let to strong tenant covenants.'
