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AXA IM - Real Assets buys German resi development for €100M

AXA Investment Managers - Real Assets paid about €100 million to acquire an urban residential development in Dresden, Germany, on behalf of the French Public Service Additional Pension Scheme, a public pension fund known as ERAFP.

The Guntzareal project, which is slated to complete in 2020, will deliver 211 residential units and 137 micro-apartments, along with commercial and retail elements. About half of the retail space is prelet under long-term agreements to Germany retail operators, according to a release.