PARIS-AXA Real Estate Investment Managers, based here, recently had the initial close of its first European development fund. About $289 million has been raised for the Development Venture III fund from four unnamed European investors, together with co-investment from insurance companies of the AXA Group.

The company says the fund, to be capped at $755 million, will invest in greenfield and brownfield sites, distressed properties and development joint ventures. The fund will target mainly office, but will include other property types. Paris will receive significant interest from the fund, said AXA in a statement, but other cities such as London, Milan, Madrid, Frankfurt and Berlin will also be on the radar.

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