Norges Bank Investment Management (NBIM) has entered into a co-investment programme with AXA Real Estate Investment Managers to invest in European commercial real estate debt.
The joint venture programme will target investments in large size senior loans worth up to 600 million with a preliminary focus directed on the UK, France and Germany. The partnership will invest mostly in primary issuances of commercial real estate loans.
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The agreement will ensure the fund to achieve two goals including its objective to invest in loans secured by commercial real estate and to invest with an experienced team that has the ability to invest its own funds in the balance sheet and has a long horizon of their investments.
NBIM said that AXA Real Estate will manage the portfolio on favour of the parties.
Isabelle Scemama, global head of real assets finance at AXA Real Estate, said: "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 EUR600 million. We are now looking forward to co-investing alongside them as we seek further opportunities to invest in the European CRE debt markets," he added.
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