AXA Real Estate is raising its ambitions in both the infrastructure and alternative real estate segments, CEO Pierre Vaquier told PropertyEU in an interview.
AXA Real Estate is raising its ambitions in both the infrastructure and alternative real estate segments, CEO Pierre Vaquier told PropertyEU in an interview.
The Paris-based investment manager is already a leader in the European infrastructure segment with a portfolio of some €7 bn, but negotiations are well advanced for further commitments which could increase this figure to over €10 bn, he said. ‘Infrastructure is a label for a very large sector. It’s not just one sector and we plan to do this step by step. But there is appetite for this sector. There’s a mismatch between borrowers and lenders at the moment.’
AXA Real Estate’s expansion plans also extend to other alternative segments such as healthcare, student accommodation and senior housing. The shift follows the launch of the company's alternatives strategy in October 2012, when it said it aimed to double the size of the alternative real estate assets it manages to over €1.5 bn over the next three years. Vaquier is now stepping up the pace. ‘We now have €2 bn of assets under management in alternatives, but we want to grow this to about €3 bn,’ he said.
The Paris-based investment manager already has an alternative fund, but is seeking to develop this further and strengthen the teams, Vaquier added. ‘You need active asset management and expertise in house and the right people to underwrite risks. A big advantage is that the alternatives segment is less crowded.’
The full interview is available to premium subscribers at the link below.
