Norway SWF targes property via AXA Real Estate
Norges Bank Investment Management, the manager of Norway’s sovereign wealth fund, the Pension Fund Global, has signed a deal with AXA Real Estate to co-invest in senior secured property loans in Europe.
The two managers have formed a joint venture that will target large size senior loan investments of up to €600m, with a focus on the UK, France and Germany.
Investments will be made primarily in primary issuances of commercial property loans. AXA Real Esate will manage the portfolio on behalf of both managers.
NBIM said the deal would help it achieve two key objectives: investing in property debt, and investing alongside an experienced team with sufficient capacity and a long term investment horizon.