AXA Investment Managers - Real Assets has acquired Sydney-based Eureka Funds Management, an independent real estate fund and investment manager.
AXA IM - Real Assets said that Eureka would provide the firm with a greater footprint in the Asia-Pacific region, which it has identified as a key investment market. Australia is one of the biggest six pensions markets globally, according to AXA IM.
'As one of the world’s most liquid and transparent property markets, as well as a significant source of capital, we have long targeted Australia as a key region in AXA IM - Real Assets’ global expansion strategy and the acquisition of Eureka provides us with an immediate and significant footprint in this important region,' commented Pierre Vaquier, CEO of AXA IM - Real Assets.
'From working in collaboration with Eureka over the past few years, having made our first investment in Australia with them in 2013, it has become increasingly apparent that our businesses are both extremely similar in ethos and highly complementary in terms of what each party brings. It therefore gives me great pleasure to welcome all of Eureka’s staff into the AXA IM - Real Assets’ team.'
AXA IM - Real Assets will continue to use the Eureka name post acquisition, with Eureka operating as 'Eureka - Real Assets'.
Eureka was founded in 2004 by Bob Kelly, Kumar Kalyanakumar, Quentin Shaw, Niall McCarthy and Rod Cowdroy and currently manages a number of trusts and mandates with approximately A$5 bn (€3.4 bn) of assets under management, comprising offices and retail assets. In line with another of AXA IM - Real Assets’ key business divisions, Eureka has a significant alternative real estate investment platform that includes car parks and hotels. It also manages debt funds.
Bob Kelly, Eureka's managing director said: 'We are very proud of having built Eureka into one of Australia’s leading real estate investment and asset management businesses. At this stage of our development, we can clearly see the benefits of becoming part of the AXA IM - Real Assets’ global team, not just in terms of having the wider resources and expertise that will allow us to take our business to the next level, but also the additional scope and quality of client service we can offer. I am hugely excited to be entering this new stage in the evolution of Eureka.'
