French insurer Axa’s property
investment unit Axa Real Estate Investment Managers (Axa Real
Estate) was particularly active in the first half of 2011,
completing 80 transactions worth a total of €2.13bn ($3.1bn) on
behalf of clients compared to €2.7bn of transactions during the
whole of 2010. Of the total transactions completed in the first
half of 2011, purchases amounted to €1.19 and sales to
€939m.
Of note in the first half of
2011 was Axa Real Estate’s altered strategy, with its focus
shifting away from France to other European markets, in the UK.
Specifically, 46% of acquisitions were undertaken in the UK,
compared to 25% in 2010. In addition, more than 60% of sales
undertaken in the first half of 2011 were in France.
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Axa Real Estate is set to
sustain the high level of transaction activity.
“With a further €3bn of deals
already at various stages of due diligence, we expect to continue
our strong momentum for the rest of the year,” said Anne Kavanagh,
the global head of Axa Real Estate property services
group.
At the end of March 2011, Axa
Real Estate had €39.4bn of assets under management.
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