Axa Immovation Residential acquires
The real estate fund Axa Immovation Residential has expanded its portfolio. Four residential properties were acquired for CHF 112 million.
According to Axa Investment Managers Switzerland, the newly acquired properties are a residential property in Geneva's Plainpalais district and a residential and commercial property in the Eaux-Vives district, in the immediate vicinity of Lake Geneva and the English Garden. The third property, a residential development in the canton of Zurich consisting of five apartment buildings, is located directly next to the Dübendorf train station.
In addition, the purchase of a large residential development in the Zurich municipality of Wallisellen was notarized at the beginning of August. The property will be contributed in kind to the fund by a pension fund, which in return will receive shares in the NAV-based real estate fund. The transfer of ownership of the properties is scheduled for September or October.
With these latest property transactions, the investment portfolio grows to 39 properties with a market value of around CHF 560 million. In terms of market value, these acquisitions mean that the majority of the fund's properties will continue to be located in the canton of Zurich (48.7%) and in western Switzerland (20.9%), the fund management company says. The fund's leverage ratio will increase from currently 13% to probably 21%.
Axa Immovation Residential was launched in 2013 and invests in a residential real estate located in cities in high-growth economic regions and their catchment areas. (ah)
