GLOBAL – ERAFP, the pension fund for French civil servants, has hired AXA Real Estate Investment Managers to run its first pan-European real estate strategy, while selecting CBRE Global Investors and LaSalle Investment Management as standby investment managers.
The €14bn pension fund, which is building its exposure to real estate from scratch, could provide up to €350m of capital over the next three years to invest property markets in European OECD countries.
ERAFP and the three fund managers have signed a 10-year framework agreement. The French investor took a similar approach to its first property mandate, hiring AEW Europe to manage socially-responsible property investments in France and selecting two standby managers, Amundi Immobilier and La Française Real Estate Managers.
AXA Real Estate will manage a portfolio of unlisted property assets and will focus on the office and retail sectors.
As announced in the initial tender last year, when ERAFP said it expected to provide €310m in capital over the first three years, the manager will have the discretion to also consider investment in residential and logistics within the region.
Grontmij Capital Consultants is conducting a search for value-added or opportunistic property funds targeting European and US real estate, using IPE-Quest.
According to search QN 1315, the client for whom the Dutch consultancy is conducting the search would like to invest between €10m and €20m in American or European property, excluding the Central and Eastern European region.
The consultancy added that the funds should preferably be equity driven, and have a “moderate” target loan-to-valuation ratio.
It did not specify a minimum track record or fund size for any vehicles being put forward for consideration, nor did it suggest a benchmark against which the success of an investment would be measured.
Interested fund managers should contact IPE-Quest by 12 July to apply.
Grontmij has recently conducted a number of searches, last month seeking non-listed industrial investment opportunities in Europe. It also sought input on any residential funds of interest for two Dutch pension funds.
The IPE.com news team is unable to answer any further questions about IPE-Quest tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE-Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email firstname.lastname@example.org.
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