AXA IM launches €600m Development Venture IV (FR)

AXA IM - Real Assets, the leading real estate portfolio and asset manager in Europe, announces the final close of Development Venture IV, its fourth generation development fund. The Fund has raised a total capital in excess of €600m from 17 global investors across 9 countries, providing it with an investment capacity of up to €2bn including leverage and reinvestment proceeds. More than 50% of the capital has been raised from repeat investors in the three previous Development Venture Funds.


The Fund, which follows on the success of the previous generation of development funds, has an eight year life and a target of €200m build-out value per project. Property types across all stages of the development cycle will be considered, including green and brown field sites, existing properties requiring heavy refurbishment and/or by co-investing in development joint ventures.


AXA IM - Real Assets is pursuing an opportunistic long-term capital gains strategy by implementing a build-to-core development and sell approach which takes advantage of investor demand for large high-quality income-producing assets. The investment strategy will be driven by timing and will capitalise on the different real estate markets across Europe in core locations, primarily in France, in the UK, in Germany and in 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 the heart of Bristol City Centre, and is currently nearing completion on a number of other investments into development opportunities notably in Paris Region.




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