AXA Real Estate Investment Managers has completed the purchase of 3-5 Morrison Street in Edinburgh on behalf of the Caesar Fund . The closed-end European fund paid Climate Change Capital £29.7m for the 82,282 sq ft building. The fully let block comprises 57,024 sq ft of office space and a 4,850 sq ft convenience store let to a supermarket. It also includes a 20,408 sq ft, four-screen cinema and basement car park. The average unexpired lease term is 8.9 years. AXA’s Italian subsidiary AXA REIM SGR launched the Caesar Fund in March 2012 with a first close of €118m. The fund, which eventually closed with €209m from institutional investors in October 2012 , targets well-let core office buildings in the UK and the eurozone. AXA REIM SGR managing director and the fund’s manager, Giorgio Pieralli, said: “The purchase of this asset demonstrates our ability to source core investment-grade product in the UK at a time when an increasing number of investors, driven by the tightening of yields in central London , are seeking returns in the UK’s other prime cities and fits perfectly with both the fund’s strategy of investing in assets which have strong real estate fundamentals and excellent sustainability criteria.” firstname.lastname@example.org
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