09 October 2017
Washington DC
Reporter: Theo Andrew

AXA IM- Real Assets enters JV in Washington DC for $138.8 mn


AXA Investment Managers - Real Assets has acquired a majority stake in the Montgomery Tower, an office in Washington DC, from a joint venture between Rockpoint and MRP Realty, for $138.8 million.

MRP Realty will retain its ownership interest and continue to manage the 367,000-square foot property in the new joint venture.

The property offers a 4,000-square foot fitness centre, a conference centre and electric car charging stations.

The 12-storey asset is located six miles north of Washington DC in downtown Bethesda, Maryland, and is close to major highways providing access to Reagan, Dulles and BWI Airports.

Purchased on behalf of its clients, the deal follows AXA IM - Real Assets acquisition of a majority stake in University Centre Chicago, a 1,732-bed student housing property in downtown Chicago.

According to AXA IM - Real Assets, the acquisition adds to its €2 billion US portfolio.

Steve McCarthy, head of North America at AXA IM - Real Assets, said: “This core-plus asset’s transit connectivity coupled with its market leading amenities in this highly sought-after and wealthy submarket made this attractive investment opportunity stand out to us, offering high potential for the delivery of long-term stable income streams for our clients.”

“Furthermore, this acquisition sees us follow through on our objective to further expand our clients’ North American portfolio, with a high quality and diversified asset mix.”

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