AXA IM – Real Assets creates German business park JV

Sirius Real Estate, an operator of branded business parks providing conventional space and flexible workspace in Germany, has formed a real estate investment joint venture with clients represented by AXA Investment Managers – Real Assets.

AXA IM – Real Assets, acting on behalf of its clients, will own a 65 percent interest and Sirius will own a 35 percent interest in the joint venture, which will be called Titanium.

The joint venture will initially be formed by AXA IM – Real Assets acquiring, on behalf of its clients, from Sirius a 65 percent stake in five single-asset special purpose vehicles through which it currently owns two business parks located in Berlin (Berlin Borsig and Berlin Tempelhof) and one each in Mainz, Nurnberg and Bayreuth. The business parks provide a combination of office, warehouse, industrial and storage space.

The implied property value of €168 million ($191 million) equates to a gross yield for the portfolio of 6.2 percent and re