AXA Investment Managers (IM) – Real Assets has announced the launch of its latest fund, AXA Selectiv’ Immoservice, which is aimed at French retail investors, largely through life insurance contracts issued by its parent company AXA.
AXA Selectiv’ Immoservice will enable retail investors to diversify their portfolio, a spokesman for the firm said, through focusing on healthcare, social care, student housing, hotel and residential investments.
AXA IM said it will look to build an initial portfolio of €300 million of assets in Europe and will unlock capital value through asset management and the repositioning of assets.
The fund follows predecessor, AXA Selectiv’ Immo, which has attracted more than €1 billion since its launch in May 2012 and today contains €1.7 billion of assets.
“Having launched our second vehicle for retail investors, AXA Selectiv’ Immoservice will benefit from successfully leveraging on fundamental economic, social and demographic trends such as an ageing population, the globalization of student populations as well as a growing global affluent middle-class,” said Antoine Aubry, fund manager at AXA IM.
In May, AXA IM announced the final close of its Pan-European Value-Added Venture (PEVAV), targeting Western Europe and the Nordics, with a fund raise of €445 million. However this total increased to €890 million once leveraged capital was included.
Meanwhile in March, the firm launched its open-ended European core fund, AXA CoRE Europe, and raised an initial €500 million. The final target, it said, is somewhere between €3 billion and €5 billion. So far, almost €1 billion has been invested in two prominent office buildings in London and Paris.
AXA IM currently has more than €65 billion real estate assets under management.