Fundraising - MARCH 8, 2016

AXA Investment Managers launches €500m real estate fund

by Andrea Waitrovich

AXA Investment Managers – Real Assets has launched the AXA CoRE Europe Fund, a new pan-European open-end real estate fund. The fund has initially raised more than €500 million ($551 million) from a range of European institutions.

AXA CoRE Europe will seek to provide institutional investors with long-term, stable income through the acquisition of core real estate assets across Europe, capitalizing on individual market dynamics and timing.

Over the long term AXA IM – Real Assets aims to grow AXA CoRE Europe steadily into a flagship European fund with a target size of €3 billion to €5 billion ($3.3 billion to $5.5 billion).

The fund’s strategy is to focus investments on Europe’s largest and most established and transparent markets —France, Germany and the United Kingdom — while maintaining the ability to invest across the continent.

AXA CoRE Europe will target mainstream asset classes, primarily office and retail properties, and primarily seek investments in well-located assets with high building technical and sustainability specifications and are leased to strong tenants on medium- or long-term leases. The fund also will consider selective investments where it can enhance returns by improving occupancy rates or repositioning assets, and also will retain a flexibility of allocation, which provides for the ability to manage real estate cycles over the long term.

AXA CoRE Europe was one of the club of investors AXA IM – Real Assets put together to acquire France’s tallest tower, Tour First in Paris La Défense.


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