AXA Real Estate wins EUR350m pan-European investment mandate from ERAFP
AXA Real Estate Investment Managers has been appointed to manage a new EUR350m pan-European investment mandate by the Établissement Retraite Additionnelle de la Fonction Publique (ERAFP), the French public service additional pension scheme.
AXA Real Estate, through its regulated entity AXA REIM SGP, won the 10-year discretionary investment mandate following a competitive public tender and, on behalf of ERAFP, will aim at building a portfolio which is diversified by geography and sector and can provide stable income returns.
AXA Real Estate will primarily target Core or Core Plus investments. A key element of the investment mandate is to adhere to specific and demanding SRI (socially responsible investment) investment guidelines. In line with these guidelines, investments may also focus on those assets where the SRI rating can be improved through an active asset management policy.
ERAFP, which manages the retirement benefits of French government and local authorities civil servants as well as the staff of French public hospitals, currently has EUR14bn of assets under management, of which it can allocate up to 10 per cent to real estate investment.
Pierre Vaquier, chief executive officer of AXA Real Estate, says: “Winning a new third party investment mandate from such a high profile and well respected investor as ERAFP is a strong testament to our ability to meet the needs of clients to invest on their behalf both across Europe, using our network of local real estate professionals, and across the entire risk spectrum. For this mandate we are also able to align our own commitment to sustainable investment with the investor’s stated strategy of managing its assets in compliance with strong SRI principles.”
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