[naewoeilbo내외일보] Lee Su Han이수한 기자 = Kyobo AXA Investment Managers has launched 'Kyobo AXA Global Real Estate Co-investment Fund No.1 [Fund of Fund]' ('The Fund'), to invest in a portfolio of emerging real estate sectors such as logistics, data centers, and life science offices (research facilities) in major European and Asian countries. Global Real Estate Joint Investment No. 1 is a fund established by the global asset management firm, 'AXA Investment Managers' ('AXA IM') to invest in funds managed by AXA IM Alts, the alternatives business unit of AXA IM, a global leader in alternative investments with c. €162 billion of assets under management (1) and the leading (2) real estate portfolio and asset manager in Europe..

While polarization by asset and sector is progressing due to rapidly changing market conditions after COVID-19, competition is intensifying due to the concentration of investment demand for high-quality assets across the globe. Korean institutional investors are seeking to strengthen their investment competitiveness by investing in large global portfolios, securing stable investment destinations and engaging strategic partnerships with global asset managers. Therefore, Kyobo AXA Investment Managers has launched an exclusive fund that can invest in funds offered by AXA IM Alts, meeting Public Officials Benefit Association (POBA)'s real estate investment strategy and needs.

The Fund’s first investment is in the European life science sector, through a vehicle that will primarily invest via Kadans Life Science Partner, a fully integrated developer, owner and operator of European science parks and lab offices. Its portfolio comprises c. 167,000 sqm of operating space across 22 assets in key research locations in the Netherlands, UK and Germany, as well as eight developments which are due to deliver c.120,000 sqm of new space over the next three years. POBA, the Korean Public Officials Benefit Association, pledged EUR 80M (approx. KRW 108bn) through this fund. AXA IM Alts recently raised EUR 1.9bn of equity from a range of institutional clients from North America, Asia and Europe which will be primarily used to accelerate investments into the Life Sciences sector.

Already well established in the U.S., Life Sciences is an emerging but high potential asset class in Europe which is supported by a number of economic, demographic and technological changes, notably as it relates to healthcare.

Beginning with the European life science real estate investment, the fund is reviewing additional investments to be included such as logistics, housing, and data centers in Europe and Asia, with a plan to invest at least one or two more in the future.