AXA Real Estate Investment Managers, acting on behalf of various AXA insurance companies, and Norges Bank Investment Management ('NBIM'), manager of the Norwegian Government Pension Fund Global, have entered a European commercial real estate (‘CRE') loan co-investment programme.
The programme will target investments in large size senior loans, of up to €600 million, with a primary focus on the United Kingdom, France and Germany.
This partnership confirms the leading position of AXA Real Estate’s long established CRE debt team, which is already the largest pan-European investment manager in the real estate lending space, with an existing €7.5 billion debt platform.
In 2013 AXA Real Estate has continued to demonstrate its capacity to deploy significant capital in CRE loans, having invested €1.8 billion to date, out of the €2.5 billion target for the year, 45% of which relates to assets in the United Kingdom.
Isabelle Scemama, Global Head of Real Assets Finance at AXA Real Estate, commented: “Partnering with Norges Bank Investment Management helps underline our leadership in the European commercial real estate lending market and further strengthens our relationship with this world class investor. This partnership consolidates our competitive advantage in that it increases the size of individual real estate loans we can underwrite to €600 million. We are now looking forward to co-investing alongside them as we seek further opportunities to invest in the European CRE debt markets.
Source: AXA Real Estate