AXA REIM to launch three pan-European funds

AXA Real Estate Investment Managers has unveiled plans to launch three new pan-European investment vehicles in an attempt to take advantage of investors' renewed appetite for real estate. The asset manager is raising equity for two opportunistic funds, DV III and Real Estate Alpha Plus, while in the second part of the year the group will be launching a pan-European core property vehicle. The company hopes to raise EUR 400-600 mln for each fund.

'We are receiving a lot of interest today for the DV III, which will focus on large inner-city regeneration projects across Europe,' Kiran Patel, Head of Global Strategy and Research told PropertyEU in an interview at Mipim. The fund, which will have an opportunistic profile, will be looking to invest in France and other European cities.

'Today being opportunistic does not mean going to emerging markets. Prices in Europe have fallen by 30-40% and you can buy at attractive prices also in Western Europe,' he said. 'Also, the price you get for risk is very favourable today'. On a slightly less opportunistic note, the group is set to launch Real Estate Alfa Plus which will target commercial property in mainland Europe and the UK. The opportunistic funds will be up to 65%-leveraged while the core vehicle, European Diversified Fund, will use around 35% of leverage.