AXA Real Estate Holds First Close of Caesar Fund
AXA Real Estate Investment Managers (REIM) has launched the Caesar Fund, a blind pool fund that will invest in core office properties across Europe. The fund, which is targeting an equity raise of €200 million, has already raised €118 million from Italian institutional investors. With leverage, the fund will have a total buying power of up to €400 million. The fund will be managed by AXA REIM SGR in Italy.
“We will begin by investing in the UK and French office markets, as we believe these currently offer the best opportunities to meet our clients’ requirements by investing in assets with highly stable long-term income streams,” says Giorgio Pieralli, managing director of AXA REIM SGR, and fund manager of the Caesar Fund. “These markets are also attractive as they now have the most acute supply/demand imbalances of all Europe’s main cities. As other markets start to recover, we expect