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US: Axa IM to acquire European property trust

 |  July 4, 2019
Axa Investment Managers’ property unit has struck a deal to buy a US-listed real estate investment trust, adding to a division that was identified as an area of growth for the funds business following a restructure late last year.

The acquisition of NorthStar Realty Europe will give Axa IM, Real Assets, a division within the asset manager that invests in property and infrastructure, oversight of €1.1bn-worth of office space and hotel investments in cities across Germany, the UK and France. The deal is being done on behalf of a client, Axa IM said, but it did not disclose further details.

In June last year, Axa IM started a restructuring that aimed to produce savings of €100m. At the time it said it wanted to add investment capabilities in alternative assets, either by recruiting new staff or lifting teams from other companies. The process was completed late last year and Axa IM revealed its new management team in December.

Full Content: Financial Times

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