AXA IMRA raises capital for new pan-European residential fund

AXA Investment Managers - Real Assets has raised €200 mln of initial capital for its first pan-European evergreen residential fund.

The group held its first close for AXA Residential Europe in December and has invested in its first assets, in Germany, Ireland and Portugal.

Isabelle Scemama, AXA IMRA’s CEO, said the fund was a second sector-specific, core  open-ended vehicle, following the launch of AXA Logistics Europe Fund last year.

Scemama told PropertyEU that a second close for the new residential fund is planned for March.

She said AXA has amassed extensive experience in European residential real estate of most types over the last few years and now manages approximately €15 bn in this sector.

‘This expertise, our country teams and demand from investors meant we have now formatted all that into a fund,’ she explained.

‘We have expertise in traditional residential for rent - from affordable to luxury and in between - student accommodation, senior living and development, and those are all themes for this fund. We will leverage our teams in 13 countries where we operate.’

AXA has a third open-ended pan-European fund, AXA CoRE, which is a diversified fund and launched four-and-a-half years ago. Scemama said CoRE has now reached €4 bn in size after it invested in the Northstar portfolio which AXA acquired in a corporate deal last year.

The open-ended, core logistics fund launched in 2019 and has already reached €1.4 bn, Scemama said. Its assets include the Prism portfolio of seven prime assets in Italy, France and the Netherlands which AXA bought from AEW’s Logistics fund.

Denmark’s largest pension fund, ATP, is an investor in Logistics Europe.

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