Axia Real Assets, an asset manager focused on global real estate and infrastructure, has closed its Axia U.S. Grocery Net Lease Fund I (AXGNL I), the firm’s first net-lease vehicle focused on the grocery sector in the United States.
The fund issued an aggregate of C$50 million ($40 million) of fund units, which were offered to investors on a private placement basis through a syndicate of agents. CI Global Asset Management was an anchor investor in the fund, purchasing units representing 10 percent of the total outstanding units.
AXGNL I will employ a roll-up strategy of acquiring individual standalone real estate assets leased on long-term net leases to high-quality grocers across the United States. The fund will have some $135 million to invest in grocery-tenanted real estate.
“In a world with low yields in bond markets and limited visibility on equity market returns, net-lease real estate is a highly attractive alternative for a balanced portfolio,” said