AXA Investment Managers’ real estate arm has announced the final close of its pan-European value-added vehicle (PEVAV), attracting €445m from institutional investors.

The manager said that PEVAV would be able to leverage its capital to €890m, targeting assets in Germany, France, Italy, the Nordic nations, Spain and the UK.

It added that investments in office, retail and logistics assets requiring refurbishment, but also the repositioning of assets and extension of buildings, would be considered.

AXA IM-Real Assets has already committed over three-quarters of the equity raised through eight deals in the UK, Italy and Spain – including Assembly London, a three-acre campus development in the London borough of Hammersmith.

It has also invested in a shopping centre in Siena, Italy, and offices in Milan, Madrid and central London.

Ian Chappell, head of value-add and development funds at AXA IM-Real Assets, said the venture was “well positioned” to actively manage underperforming assets to improve returns.

He added: “To have been successful in raising a significant amount for this landmark Venture for AXA IM-Real Assets’ is a strong endorsement of the expertise of our teams across Europe and our established track record in executing value-add initiatives for our client’s portfolios.”