May 13 (Bloomberg) -- Axa Real Estate Investment Managers and Danish pension fund ATP agreed to buy the Belgian Finance Ministry’s headquarters in Brussels in a transaction that values the property at 475 million euros ($654 million).
The building known as North Galaxy is being sold by Cofinimmo SA, Axa Real Estate, a unit of Paris-based insurer Axa SA, said in a statement today. North Galaxy, a property comprising two 28-floor towers and a six-floor building, has a total area of 151,000 square meters (1.6 million square feet).
Axa is partnering with European pension funds to buy commercial properties as large investors seek to boost returns amid low interest rates. In November, the insurer agreed to buy Munich’s SZ Tower with Norway’s sovereign wealth fund Norges Bank Investment Management.
ATP will own 90 percent of the joint venture created to acquire the Brussels property and Axa Belgium will own 10 percent, according to today’s statement. Axa will manage the building.
Axa’s real estate investment unit has about 48 billion euros of assets under management.
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