Denmark’s biggest pension fund ATP is committing DKK1.125bn (€151m) to be one of the first investors in a new €1.4bn European logistics fund managed by AXA Investment Managers-Real Assets.

ATP Real Estate, a subsidiary of the DKK933bn pension fund, said it had taken part in the first close of the newly-created AXA Logistics Europe Fund alongside another Nordic investor, which it did not name.

AXA IM-RA did not comment when contacted by IPE Real Assets.

ATP Real Estate said the investment gave it exposure to a number of properties, most of which are in France, Germany and the Netherlands.

Martin Vang Hansen, ATP Real Estate’s CEO, said: “Our interest in logistics properties has for a long time now been increasing – not least as the demand for logistics centres has continued to grow.”

He said demand for logistics was expected to continue to grow and the investment would provide stable long-term returns.

“ATP Real Estate sees good opportunities in the European consumers’ increasing demand for products that are bought online and then delivered via logistics centres, which will, as a result, see increasing levels of activity,” ATP said.

ATP Real Estate already owns four properties in Brussels, London and Amsterdam through AXA IM-RA, and has entered into a number of joint ventures with the fund manager to own hotels.