A new European logistics fund managed by AXA Investment Managers – Real Assets has acquired a 275,000sqm portfolio from AEW.
Announcing the deal, the manager said the AXA Logistics Europe Fund has paid an undisclosed sum to buy the fully-let portfolio of six assets.
Two of the properties are located in Italy, three in France and one property is located in the Netherlands.
The fund, which counts Denmark’s biggest pension fund ATP as one of its investors, has a portfolio of 73 assets valued at €1.4bn and spread across six countries.
Antoine Mesnage, head of acquisitions for France at AXA IM - Real Assets, said: “The scale of this portfolio together with its resilient income profile and geographical diversification made it stand out as a particularly compelling opportunity which we are pleased to have secured on behalf of our clients.
“Given the attractive market dynamics underpinning the sector, we are confident in our dedicated team of experts’ ability to effectively incorporate these assets into our expanding logistics platform and drive their growth in terms of income and capital returns.”
Thomas Karmann, head of logistics at AXA IM - Real Assets, said: “This acquisition has enabled us to significantly expand our high-quality European logistics exposure as the market continues to benefit from a supply-demand imbalance for both large ‘big box’ warehouses and urban last-mile delivery units.
“We are confident that our pan-European logistics platform is positively positioned to take advantage of the structural shifts driven by the rapid growth of e-commerce, changing consumer behaviours, as well as evolving trends in the supply chain.”
Earlier this week, IPE Real Assets reported that ATP is committing DKK1.125bn (€151m) to be one of the first investors in the new European logistics fund managed by AXA IM -Real Assets.
ATP Real Estate, a subsidiary of the DKK933bn pension fund, said it had taken part in the first close of the fund alongside another Nordic investor, which it did not name.
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