AXA Real Estate Investment Managers has completed the sale of four assets located in southern Sweden for a combined €66 mln.

AXA sold the portfolio of mixed assets on behalf of its Alternative Property Income Venture (APIV) to Nordic real estate asset manager Nordika Fastigheter.

The assets, totalling 26,617 m2 of gross lettable area, are fully let, with 90% of the income derived from governmental and municipal tenants. The average remaining lease term of the portfolio is over 13 years.

The first two assets were a hotel building and a concert hall, both located in Växjö. Nordika also acquired two police stations, located in Västervik and Kalmar, from APIV, and immediately sold them on to Vacse.

Vacse is a club structure owned by seven Swedish corporate pension funds including Volvo, Skanska and LM Ericsson.

AXA Real Estate acquired the assets in 2010 and said it was selling them to crystallise profits which will deliver a net equity multiplier of over 1.5x to APIV investors.

Dan Bowden, senior fund manager of APIV and head of Alternatives, added: 'With government bond yields at historic lows, the secure and long term income of these assets have become particularly attractive for investors with liability matching requirements.'