AXA IMRA buys UK’s largest private residential complex
AXA Investment Managers – Real Assets has entered the UK private rented residential market and has acquired Dolphin Square in London’s Pimlico, the UK’s largest single private residential complex.
The asset was bought from Westbrook Partners on behalf of clients . The price is thought to have been well below the £850 million reported elsewhere.
AXA IMRA said the acquisition was part of its wider strategy of seeking high quality residential assets supported by strong demographic drivers to hold long term. The company has a €20 billion portfolio of residential assets in 15 countries.
The freehold asset comprises 1,233 units on a 7.5 acre site. It has 795,990 sq ft (c74,000 sq m) of residential accommodation, commercial and amenity space around a 3.5 acre landscaped garden square.
AXA IMRA’s European head of transactions John O’Driscoll said: “London’s private rented market remains significantly undersupplied and, with over €20 billion invested into the sector globally, residential assets classes which are supported by structural demographical drivers remain one of our high conviction calls.”