has launched a standalone logistics and industrial development platform for Europe.
Baytree Logistics Properties has been started with 鈧�100m in committed capital from the insurer-owned fund manager and will run alongside its 鈧�1.8bn in existing European logistics investments.
Baytree has been set up in partnership with a team of logistics specialists. Non-executive chairman John Duggan will lead the venture, alongside Jonathan Priestley, Jonathan Fenton-Jones and Rabih Modad.
AXA Real Estate said the new company was part of its wider expansion into real estate development in Europe, where it now has some 鈧�8bn in projects.
The fund manager estimates that institutional investors are looking to deploy 鈧�7bn into the European logistics market. The sector emerged a top target for investors at the , Cannes this week.
Pierre Vaquier, CEO of AXA Real Estate, said Baytree was launched 鈥渋n direct response鈥� to the demand.
Duggan highlighted the importance of the 鈥渦ndersupply of prime industrial stock in Europe coupled with demand for assets continuing to be bolstered by e-commerce and evolving trends in the supply chain鈥�.
He said: 鈥淚n recent years speculative development has been non-existent due to the lack of financing. This creates an opportunity for an occupier-driven development team with a flexible approach to structuring transactions.鈥�
