AXA Real Estate is looking to grow its operations in the US by creating new business lines through joint ventures with established GPs.
Olivier Thoral, who was appointed head of US investing in November, told PERE the firm was exploring the idea of creating two joint ventures with third-party private equity real estate fund managers focused on US value-added and debt investments.
According to Thoral, the JVs would work as separate entities, each with their own team, organisational structure, asset management, and financial and reporting functions, but they would be controlled by AXA Real Estate and its JV partner at the management level. The JVs also would raise equity as separate entities in their own right.
Thoral said the move was driven by the group’s desire to develop a deal footprint in the US, as well as to raise capital from North American institutional investors. Paris-based AXA Real Estate established a US office in June.
“AXA Real Estate has become a global fund management platform without having any commitments from US investors,” Thoral said. “And as the biggest capital base in the world, we need to spend time with them to understand their objectives and be successful with them.”
For the full story read the March issue of PERE magazine, out now.