Axa REIM acquires EUR 27 mln office portfolio

Two funds managed by Axa REIM have acquired an office portfolio from a consortium Avenues Etoiles, constituted by KIC, Urbiparc and Cortona. The group of five buildings has been acquired before completion and delivery is scheduled for the end of 2007, the French newspaper Business Immo has reported. The developments include Montpellier's airport business park and the Horizon de la Haute Borne park, in Villeneuve d'Ascq. The assets, totalling an area of 12,650 m2, have been sold for EUR 27.47 mln, excluding tax.

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