Major insurer AXA has expanded its lease agreement with Ediston Property Investment Company to accommodate sustained growth in operations.
AXA Insurance UK has leased the eighth floor of St Philips Point in Birmingham for more than £100,000 per year, according to reports; bringing its total let spaces in the property to five floors, with an area of around 33,000 square feet.
Insider Media Limited reported that the deal brings the occupancy of St Philips to 100%, which completes its asset management programme.
This year AXA has restructured its existing leases on the fourth to sixth floors, bringing its total space to more than 22,000 square feet, and let the still vacant seventh floor to add another 5,000 square feet to its spaces.
St Philips investment management firm Ediston Properties’ director of investment Calum Bruce noted: “Understanding the occupational needs of the tenants has helped us secure 100% occupancy of the property, which has enhanced both its income stream and capital value.”
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