AXA Investment Managers - Real Assets announced on Tuesday that it has now raised more than €1 bn for the AXA CoRE Europe Fund.
AXA CoRE Europe is a pan-European open-ended real estate fund which seeks to provide institutional investors with long-term stable income through the acquisition of Core European real estate assets by capitalising on individual market dynamics and timing. The vehicle was initially launched with €500 mln of commitments in March 2016.
The commitments have been received from investors across Europe, North America and Japan, including 23 third-party clients.
AXA IM - Real Assets has already invested €830 mln of the capital raised including, most recently, the acquisition of a 1.2 million m2 fully-let pan-European logistics portfolio from Gramercy, which completed in July.
As a result of this acquisition the fund’s portfolio now comprises 44 assets in seven countries including primarily France, Germany, Italy and the UK as well as Spain, the Netherlands and Poland, and across the prime office (49%), logistics (35%) and retail (16%) sectors.
Other investments include the Area Sur shopping centre in Spain, the Tour First office tower in Paris La Défense, the Asticus and the Warwick office buildings in London and the Via Monterosa landmark office asset in Milan.
'From the strong demand we have received from a large pool of significant institutional investors on both sides of the Atlantic and also from Asia we can see continued momentum for investment into AXA CoRE Europe, with investors drawn to the resilient income and diversification qualities of core European real estate and the portfolio we have assembled,' said Timothé Rauly, head of Funds Group, at AXA IM - Real Assets.
