AXA IM Alts has issued a €500m green bond for its flagship European logistics fund, AXA Logistics Europe Master.
The manager said this second issuance of AXA Logistics Europe, after its 2021 inaugural transaction, was more than six times oversubscribed with a final order book over €3.1bn, from a broad range of European and institutional investors.
AXA IM Alt’s green bond matures in 2031, has been assigned a A- rating by Fitch and pays a coupon of 3.375%. The manager said it intends to use the proceeds to finance the acquisition of logistics properties with best-in-class sustainability features, as well as to undertake capital expenditure initiatives that support the decarbonisation trajectory of the fund’s portfolio.
Timothé Rauly, global co-head of real estate at AXA IM Alts, said: “We believe that the exceptionally strong demand we received for this new green bond, being more than six times oversubscribed, is a powerful endorsement of the quality of the portfolio our team has carefully curated for AXA Logistics Europe since its launch in 2019.”
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