AXA REIM SGR, the Italian subsidiary of AXA Real Estate, has raised €209m for its Caesar Fund. This exceeded the equity target set at the launch of the fund and gives a total potential fund size of around €420m. The money was raised from 13 Italian institutional investors that are co-investing with AXA Insurance companies. Caesar is a regulated closed-end fund for institutional investors and will target investments in well-let, core office buildings.
The fund aims to provide an annual average net dividend distribution of more than 5.5 percent on capital invested once the investment phase is completed, and a 9-percent IRR net-of-fees. The fund’s investment activity will focus on Eurozone countries and the UK for the first 12 months. No single investment can exceed 15 percent of the value of the fund’s target portfolio. AXA Real Estate plans to complete the investment phase of the fund in the next 24 months, at which time it will have the option to reopen the for further subscriptions.
