AXA IM Alts’ flagship core European real estate fund raises first green bond

AXA CoRE Europe, the flagship European open-ended real estate fund of AXA IM Alts, has priced a seven-year, €500 million ($605 million) green bond offering for institutional investors.

Managed by AXA IM Alts’ real assets team, the fund was more than four times oversubscribed at €1.8 billion ($2.2 billion), with Green Notes placed across a broad range of 80 European and international institutional investors.

The Green Bond is the first issuance undertaken by AXA CoRE Europe, which seeks to acquire high-quality core real estate assets with resilient income profiles across major cities in Europe. The proceeds of the Green Bond will be used to replace a number of existing debt facilities, while reducing the fund’s average cost of debt and improving average maturity.

“The issuance of AXA CoRE Europe’s first green bond is a key milestone for the fund … This access to the debt capital market will facilitate the growth of the fund and reinforces its access