AXA REIM raises over EUR 1 bn in four funds

AXA Real Estate Investment Managers (AXA REIM) has raised over EUR 1 bn with the closings of four of its funds, providing a total buying capacity of over EUR 2.5 bn. The funds attracted over 40 new or existing institutional investors based in the UK, Ireland, France, Spain, Scandinavia, Italy, as well as the Middle East and Canada. The funds are the European Logistics Income Venture (first closing), the Core Italian Property Fund (first closing), the European Added Value Fund (final closing) and the Alternative Property Income Venture (second closing).

'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,' said Christian Delaire, global head of Fund Management.

The European Logistics Income Venture fund purchases Class A warehouses principally within the Eurozone; while the Core Italian Property Fund invests on Italy's offices, retail and entertainment, as well as light industrial and logistics. The European Added Value Fund will target 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. The Alternative Property Income Venture will acquire assets within the leisure, residential and automotive sectors including medical clinics, nursing homes, leisure parks, self-storage facilities, fitness centres, car parks, car showrooms and fuel stations. Target markets will be within the Eurozone economies with some Central European, Swiss and Nordic exposure.