AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), the leading real estate portfolio and asset manager in Europe and one of the largest in the world with €66bn of assets under management, announces that it has acquired the Sydney based company, Eureka Funds Management, one of Australia’s leading independent real estate fund and investment managers.
The transaction forms part of AXA IM - Real Assets’ ongoing strategy to expand globally, with Eureka providing it with a significantly enhanced footprint in the Asia Pacific region, which AXA IM - Real Assets has identified as a key investment market. More specifically, the transaction delivers AXA IM - Real Assets with an established business in Australia, one of the top six pensions markets globally and one of the core real estate markets in Asia.
Following the acquisition, Eureka’s clients will still benefit from the same high quality services offered by the Sydney-based fund management company and will also be given direct access to the depth and breadth of AXA IM - Real Assets’ 360° approach to investing in real assets, whether in equity or debt, real estate or infrastructure. At the same time AXA IM - Real Assets’ clients will benefit from the established capabilities of Eureka in the Australian real estate market. In recognition of the goodwill attached to its well established brand in the Australian market, AXA IM - Real Assets will continue to use the Eureka name post acquisition, with Eureka operating as “Eureka -Real Assets”.
Eureka has an experienced team of real estate investment professionals and it currently manages a number of trusts and mandates with €3.4bn ($5bn) of assets under management, which comprise offices, and retail assets. In line with another of AXA IM - Real Assets’ key business divisions, Eureka has a significant alternative real estate investment platform that includes car parks and hotels. Furthermore, Eureka also manages debt funds, allowing AXA IM - Real Assets to expand its market leading €13bn global real estate and infrastructure debt platform into Australia. This acquisition constitutes a new milestone in AXA IM continued engagement and long term commitment to the Australian Market.
Commenting on the acquisition Pierre Vaquier, CEO of AXA IM - Real Assets, said:
“As one of the world’s most liquid and transparent property markets, as well as a significant source of capital, we have long targeted Australia as a key region in AXA IM - Real Assets’ global expansion strategy and the acquisition of Eureka provides us with an immediate and significant footprint in this important region. From working in collaboration with Eureka over the past few years, having made our first investment in Australia with them in 2013, it has become increasingly apparent that our businesses are both extremely similar in ethos and highly complementary in terms of what each party brings. It therefore gives me great pleasure to welcome all of Eureka’s staff into the AXA IM - Real Assets’ team.”
