AXA IM €600m fund launches

AXA Investment Managers – Real Assets’ Development Venture IV fund has made a final close at more than €600m (£516.8m). The fund, which is AXA IM – Real Assets’ fourth-generation development fund, raised capital from 17 global investors across nine countries, providing it with an investment capacity of up to €2bn (£1.7bn) including leverage and reinvestment proceeds. More than 50% of the capital was raised from repeat investors in the three previous development venture funds. The fund has an eight-year life and a target of €200m (£172.3m) build-out value per project. It will consider property types across all stages of the development cycle, including green- and brownfield sites, existing properties requiring heavy refurbishment and/or by co-investing in development joint ventures. The investment strategy will be driven by timing and will capitalise on the different property markets across Europe in core locations, primarily in France, the UK, Germany and Spain. AXA IM –Real Assets has already begun to invest the equity raised for DV IV with the acquisition of Assembly Bristol, a 1.5-acre development site in Bristol city centre, and is nearing completion on a number of other investments into development opportunities, notably in France, in the Paris region. • To send feedback, e-mail Louisa.Clarence-Smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette