Axa Investment Managers - Real Assets secured capital worth €643 million for its second pan-European value-added venture, exceeding the venture's initial €500 million target and offering the fund a maximum investment capacity of roughly €1.3 billion, including leverage.
Investors that pooled capital in the investment vehicle's predecessor provided over 60% of the equity for the new venture, while equity worth €240 million was contributed by five new institutional clients from Europe, Israel and South Korea.
The latest venture intends to refurbish and reposition underperforming assets, and carry out letting and re-letting initiatives to improve income streams.
The investment vehicle will primarily focus on making acquisitions in traditional and alternative real estate asset classes, ranging between €50 million and €150 million. It will target locations in France, Germany, Italy, the Nordics, Spain and the U.K., according to a release.
Axa's first pan-European value-added venture amassed €445 million at its close in May 2016.