Axa raises €230m for development fund

The Paris-based firm has raised more than a third of the capital it is seeking for a pan Europe vehicle aimed at creating assets

AXA Real Estate Investment Managers, the Paris-based property arm of French insurer, Axa, has raised €230 million ($291 million) for a pan Europe development fund.

The firm has held a first close for the AXA Development Venture Fund 3, with commitments coming from five investors, it is expected to reveal as early as next week. It has a final target of around $600 million for the vehicle.

Axa is one of the largest property investment managers in the world with €38.2 billion of assets under management as at end of March 2010.

Earlier today it was cited as a possible bidder for ING Real Estate Investment Management, the Dutch group that is up for sale through Morgan Stanley.

In a report, Reuters said along with Axa, other interested parties included Allianz, Pramerica, Henderson Global Investors, Ameriprise Financial's Threadneedle, Blackrock Investment Management and China Investment Corp, advised by ex-Morgan Stanley property head John Carrafiell, according to unnamed sources.