A subsidiary of Danish pension fund ATP committed approximately 1.13 billion Danish kroner to a new European logistics fund managed by AXA Investment Managers-Real Assets, IPE Real Assets reported.

ATP Real Estate and an undisclosed Nordic limited partner are among the early investors in the €1.4 billion AXA Logistics Europe Fund, which held its first close, according to the report. The investment vehicle will target properties that are mostly in France, Germany and the Netherlands.

AXA did not comment on the matter, the report noted.

As of Dec. 17, US$1 was equivalent to 6.70 Danish kroner.