Norges Bank Investment Management (NBIM), which manages Norway's Government Pension Fund Global, has set up a European commercial real estate loan co-investment programme with AXA Real Estate Investment Managers.
Norges Bank Investment Management (NBIM), which manages Norway's Government Pension Fund Global, has set up a European commercial real estate loan co-investment programme with AXA Real Estate Investment Managers.
The programme will target investments in senior loans of up to €600 mln, with a primary focus on the UK, France and Germany.
'This partnership consolidates our competitive advantage in that it increases the size of individual real estate loans we can underwrite to €600 mln,' said Isabelle Scemama, global head of real assets finance at AXA Real Estate. 'We are now looking forward to co-investing alongside them as we seek further opportunities to invest in the European CRE debt markets.'
AXA Real Estate is currently the largest pan-European investment manager in the real estate lending space, with an existing €7.5 bn debt platform. The investment manager has invested €1.8 bn so far in 2013, out of the €2.5 bn target for the year, 45% of which relates to assets in the UK.
The loan platform builds on AXA Real Estate's existing alliance with NBIM which focuses on direct property investments in France and Germany.
