Axa vehicle has already invested in four offices
Insurer AXA has launched a €2.5 billion development fund.
The fund has already invested in the 21,000 m² Sixty London development at Holborn Viaduct and three other office schemes in Paris, including the Coface headquarters.
The fund, Development Venture III, has €588.5 million of total equity giving it a development capacity of €2.5 billion once debt and reinvestment of proceeds are considered.
The fund’s managers intend to invest in green and brownfield sites and existing properties which require extensive redevelopment.
More than half of the investors are pension funds and nearly a quarter are insurance firms. Nearly two-thirds are based in Europe with the rest from the Middle East and North America.