AXA Real Estate completes the disposal programme of the European Industrial Partnership with the €184.1 million sale of two industrial portfolios

Paris / December 20, 2013

AXA Real Estate Investment Managers (“AXA Real Estate”) today announces that it has completed the sale of two industrial portfolios for a combined value of €184.1 million on behalf of the European Industrial Partnership (“EIP” or the “Fund”). The transactions mark the successful conclusion of an orderly programme to dispose of all EIP’s property assets, which was commenced in January 2013 ahead of the Fund’s expiry in January 2015.

The final two transactions comprised the sale of the Spring portfolio of 10 French assets to Northwood Investors and of the Zander Portfolio of 11 Dutch assets to Rockspring. Northwood is a privately held real estate firm that has raised approximately $3.6 billion of capital since inception in 2006 and is focused on investing in the US and European markets.

EIP was set up by AXA Real Estate in July 2001 in partnership with the iO Group (which was subsequently acquired by Teesland PLC and then by VALAD) to invest in income-producing, multi-let industrial estates across Europe, to be managed by iO.

The Fund raised a total of €225 million of investor equity and acquired a number of major industrial estates in Germany, France and the Netherlands with a total floor space of 880,271m² over 53 estates when fully invested.

CBRE acted on behalf of EIP in both disposals.

Dennis Lopez, Chief Investment Officer of AXA Real Estate said “The completion of the disposal programme concludes the operation of a successful high yielding investment vehicle over 12 years for our investors.”

AXA Real Estate Investment Managers (AXA Real Estate), a wholly-owned subsidiary of AXA Investment Managers, is the largest real estate portfolio and asset manager in Europe1, with over €45 billion of assets under management as at the end of September 2013. It has over 160 third party institutional clients spread across the world, in addition to managing funds for 10 AXA insurance companies.

With over 500 real estate professionals operating in 22 countries, AXA Real Estate has proven pan-European deal sourcing capabilities, as well as its market knowledge with local experts in 10 offices in Europe focused on asset-management and deal execution. AXA Real Estate’s competitive advantage stems from its global fund management expertise combined with extensive on-the-ground deal sourcing, asset management and development execution capabilities.

AXA Real Estate structures and actively manages or advises investment products, seeking wide ranging opportunities along the risk spectrum to deliver targeted returns commensurate with clients’ risk profiles, through a variety of investment strategies. These range from core to opportunistic, country-specific to geographically-diversified, sector-specific to multi-sector, with the capacity to invest at all levels of the capital structure.

Global growth remains a key priority and AXA Real Estate is currently expanding its presence in both the U.S. and Asia. Assets under management have grown from €17 billion 12 years ago to €45 billion today.

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AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with approximately €536 billion in assets under management as of the end of September 2013. AXA IM employs over 2,100 people around the world and operates out of 22 countries.

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Northwood Investors is a leading privately-held global real estate investment firm with approximately $4.0 billion of real estate assets. Founded in 2006 by John Z. Kukral, Northwood employs a fundamental, value-driven investment strategy with a longer-term outlook. Northwood has extensive experience investing in a wide range of real estate assets worldwide, including office buildings, shopping centers, hotels and residential investments, over multiple cycles and property types and geographies, providing the firm with a deep knowledge base, strong relationships, and tremendous access to global real estate resources.

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Media Contacts

AXA Real Estate
Charline Coué, Jocelyne Tamssom
Tel: +33 1 44 45 97 95

FTI Consulting Inc.
Richard Sunderland, Stephanie Highett, Nina Legge
Tel: +44 20 7831 3113

Northwood Investors
Vivian Tongalson, Managing Director
Tel: +1 212 573-0815