AXA Investment Managers - Real Assets said on Friday it has raised a total of €445 mln at the final closing of its Pan-European Value-Added Venture fund (PEVAV).
The equity raising gives the fund a total investment capacity of up to €890 mln including leverage, to invest in value-add opportunities throughout Europe.
AXA IM - Real Assets said it is pursuing a dual value-added strategy for the vehicle in order to allow investors to 'effectively exploit the pricing potential of under-performing assets in core locations within Europe’s most attractive investment markets, including France, Germany, Italy, the Nordics, Spain and the UK'. The Venture can adopt both refurbishment-driven asset management initiatives, including asset repositioning and extensions, as well as letting and re-letting strategies aiming to generate and enhance resilient income streams.
The Venture is primarily focused on office, retail and logistics assets, but also has the scope to invest in hotel, healthcare, residential, and other alternative real estate assets. AXA IM - Real Assets has already invested or committed over 75% of the equity raised for PEVAV across eight acquisitions which have completed or been secured in the UK, Spain and Italy.
The portfolio includes Assembly London, a three-acre urban campus development in Hammersmith, West London; St Andrews House, an office scheme in London’s Midtown; an office building located in Manoteras, Madrid and; Porta Siena, a shopping centre in Siena, Italy (pictured).
'We believe the Venture is well positioned to benefit from actively managing underperforming assets with inherently core investment characteristics, capturing the pricing appreciation arising from successful execution,' commented Ian Chappell, head of Value Add and Development Funds at AXA IM - Real Assets.
