AXA Investment Managers has completed, on behalf of its clients, the acquisition of The REX Building from clients of Aberdeen Asset Management.
The REX Building is fully let to three tenants with strong covenants. Developed in 2008/2009, the 78,352 sq ft (7,279 sqm) prime office building achieved a "Very Good" BREEAM rating and is arranged over lower ground, ground and five upper floors.
From an investment perspective, The REX Building benefits from ongoing developments and improvements in the area together with the City of London's position as a global financial centre, creating strong occupational and investment demand.
Huw Stephens, Head of UK Transactions, Real Assets, commented: "The City of London remains very attractive to AXA IM - Real Assets and the acquisition of The REX Building quickly follows the acquisition, on behalf of our clients, of 1 Tudor Street and several other transactions in 2015, including 22 Bishopsgate. The REX Building is located in an area where we see potential for further create value, notably through asset management initiatives. This new acquisition takes our investments, on behalf of our clients, into the London market in 2015 to over £2 billion (€2.8 billion)(2)."