Axa IM sells London office block to Singaporean buyer

The Square Mile LondonThe property division of Axa Investment Managers has sold an office block in the City of London to a subsidiary of Ho Bee Land of Singapore for £650 million ($856 million). The Real Assets division of Axa IM acquired Ropemaker Place in 2013 on behalf of one European and two Asian investors. “The City of London, as one of the leading global centres for international business and one of the world’s most transparent and liquid real estate markets, remains a key target market for us and one where we will continue to look for further opportunities on behalf of our clients,” said Huw Stephens, head of UK transactions at AXA IM - Real Assets. The transaction demonstrates a continued interest in prime London property among Asian investors, which last year accounted for the largest deals in the city.  Built in 2009, Ropemaker Place is a 21-storey block that is 96% let to investment grade tenants. ©2018 funds global asia

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