AXA IM Alts is investing €40m in a forward funding deal to buy a 400-bed purpose-built student accommodation (PBSA) scheme in Florence, Italy from CDS Holding.

The €168bn asset manager said CDS Holding has been retained as the developer for the project. Pan-European student housing specialist CRM Students has been appointed as the asset’s operator.

The acquisition represents AXA IM Alts’ first PBSA acquisition in Italy. AXA IM Alts managing €25b of residential assets globally, including €3.5bn of student accommodation assets, spread across 15 countries.

515,000sqm Nordic logistics portfolio acquisition

AXA IM Alts has also announced the acquisition of a 515,000sqm portfolio of logistics assets spread across Norway, Sweden, Denmark and Finland, from NREP.

Logicenters, NREP’s logistics platform, will continue to operate the facilities.

The portfolio comprises a combination of predominantly modern last-mile and regional logistics warehouses, which are almost fully occupied.

The majority of the portfolio by value (57%) is located in Sweden. The remainder is split between Norway (19%), Denmark (13%) and Finland (11%).

This transaction expands AXA IM Alts’ global logistics platform to 6m sqm in 12 countries with a total value of over €7bn.

John O’Driscoll, global CIO, head of investment, AXA IM Alts, said the Nordic logistics sector is now the third-largest in Europe, with new warehouse supply failing to keep up with rapid e-commerce penetration.

“The European logistics real estate market more broadly has been one of the stand-out performers over the past 18 months, underpinned by demographic and technological trends which have accelerated as a result of the pandemic, with the current global supply chain issues and the inflationary backdrop increasing its appeal.”

Matthias Kettelhoit, CEO of NREP’s logistics platform Logicenters, said: “Having amassed this portfolio over a number of years, this transaction is a natural next step and will allow us to explore new opportunities in the logistics sector.

“We look forward to leveraging our local experience, strong sustainability ethos and deep customer knowledge as we continue to operate and improve these assets alongside AXA IM Alts, who share our desire to drive the ESG agenda forward.”

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