AXA Investment Managers-Real Assets has raised €240m for its Logistics Development Club.

AXA IM–RA, which received equity commitments from four international institutional investors, said the club fund aims to develop around 1m sqm of logistics space in Europe.

The company said it intends to capitalise on strong demand for modern, grade-A logistics buildings, driven by ongoing consolidation in the sector, structural changes in consumer behaviour and e-commerce’s rapid growth.

The fund will use the development capabilities of Baytree Logistics Properties, a pan-European logistics and industrial platform set up in partnership with AXA IM-RA in 2015.

Logistics Development Club was launched in July 2016 and has already secured four sites to be developed in France, Germany and the UK which, once complete, will deliver a total of around 250,000sqm of modern logistics space in attractive locations.

The fund forms part of the AXA IM-RAs’ wider logistics real estate strategy which includes an existing pan-European logistics portfolio valued at €1.7bn and comprising 2.5m sqm of space.