AXA Investment Managers - Real Assets and Bixby Land Company have partnered to buy up to $400m (€320m) of logistics properties in the Western US.
AXA IM - RA, which is investing on behalf of one of its clients, is the majority shareholder in the joint venture and Bixby will act, in an exclusive capacity, as property and asset manager.
The joint venture will seek investments in the industrial asset class targeting core and core plus strategies.
It will target properties located in California, Arizona, Nevada, Oregon and Washington.
Steve McCarthy, the head of North America at AXA IM - RA, said: “The asset class is supported by a number of strong fundamentals driven by structural changes in supply chains, e-commerce and consumer behaviour and, as such, aims to deliver durable and growing long-term income streams.”
Bill Halford, Bixby’s CEO, said: “We are leveraging our longstanding investment management experience with institutional capital partners into a programmatic, long-term relationship, benefitting the portfolio growth objectives of both Bixby and our partner.
“This new venture supports a greater strategy to build a robust third-party investment management operation that aligns with our growth plans for the company over the next five years.”