AXA Investment Managers – Real Assets (“AXA IM – Real Assets”), a global leader in real asset investments and a leading asset manager in Europe, announces that it has now raised more than EUR 1 billion for the AXA CoRE Europe Fund (“AXA CoRE Europe” or “the “Fund”) since the Fund was launched with EUR 500 million of commitments in March 2016. AXA CoRE Europe is a pan-European open-ended real estate fund which seeks to provide institutional investors with long-term stable income through the acquisition of Core European real estate assets by capitalising on individual market dynamics and timing. Over the long term, AXA IM – Real Assets aims to grow AXA CoRE Europe steadily into a flagship European open-ended fund.
The commitments have been received from investors across Europe, North America and Japan, including 23 third-party clients.
On behalf of the Fund, AXA IM – Real Assets has already invested EUR 830 million of the capital raised including, most recently, the acquisition of a 1.2 million sqm fully-let pan-European logistics portfolio from Gramercy, which completed in July and where it invested as part of a consortium of AXA IM – Real Assets’ clients. The continued investment activity and a strong deal pipeline are likely to attract new investors and further commitment from the existing ones.
As a result of this acquisition the Fund’s portfolio now comprises 44 assets in 7 countries including primarily France, Germany, Italy and the UK as well as Spain, the Netherlands and Poland, and across the prime office (49 percent), logistics (35 percent) and retail (16 percent) sectors.
Other investments include the Area Sur shopping centre in Spain, the Tour First office tower in Paris La Défense, the Asticus and the Warwick office buildings in London and the Via Monterosa landmark office asset in Milan.
Timothé Rauly, Head of Funds Group, at AXA IM – Real Assets, commented: “From the strong demand we have received from a large pool of significant institutional investors on both sides of the Atlantic and also from Asia we can see continued momentum for investment into AXA CoRE Europe, with investors drawn to the resilient income and diversification qualities of core European real estate and the portfolio we have assembled.”
Rainer Suter, Fund leader for AXA CoRE Europe, commented: “Since launching the Fund we have deployed over €800 million of client commitments into a high quality portfolio that is diversified by sector and geography. Our ability to invest alongside with clients of AXA IM – Real Assets allows the Fund to access some of the largest and best quality investments on the market and we believe that this is a clear competitive advantage which has allowed us to assemble such as a significant portfolio. We have also been selective in our approach to acquisitions to ensure we have both secure and highly visible income streams and the opportunity, where possible, to add further value through leasing and other asset management activity.”