Axa Real Estate Investment Managers (Axa REIM) said on Friday that it raised over EUR 1 bn with the closings of four of its funds, which together have a buying capacity of EUR 2.5 bn. Around 40 existing institutional players in Western Europe, the Middle East, and Canada are investing in the funds.

Axa Real Estate Investment Managers (Axa REIM) said on Friday that it raised over EUR 1 bn with the closings of four of its funds, which together have a buying capacity of EUR 2.5 bn. Around 40 existing institutional players in Western Europe, the Middle East, and Canada are investing in the funds.

Christian Delaire, global head of fund management, commented: 'European real estate offers a degree of diversification from domestically held property and the potential to target higher-return markets. In addition, it is becoming more transparent and increasingly liquid as reflected by growing cross-border real estate activity. We believe that selective investments in Europe still offer great potential for out-performance, bringing good returns to our investors'.

Axa said the European Logistics Income Venture, which had its first closing, will purchase class A warehouses, principally within the Eurozone. The Core Italian Property Fund also had its first closing. This fund will invest in Italy and will own a balanced portfolio including offices; retail and entertainment; light industrial and logistics. It will mainly invest in income-orientated assets, Axa said.

The European Added Value Fund had its final closing. 'Targeting Western European real estate markets across several sectors, the fund aims to deliver above average returns through both income and capital appreciation while maintaining a medium risk profile,' Axa said.

The fourth fund is the Alternative Property Income Venture, which had its second closing, will seek property assets in the leisure, residential and automotive sectors. The alternative asset types include medical clinics, nursing homes, leisure parks, self-storage facilities, fitness centres, car parks, car showrooms and fuel stations. Axa said the fund will target markets within the Eurozone, but there will also be some Central European, Swiss and Nordic exposure.