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PARIS—In an effort to both grow and consolidate its alternative real estate investments division, AXA Real Estate Investment Managers has created a new business unit focusing on the asset class. The new Alternative Real Estate Business Line was created to meet the growing investor demand for alternative assets, such as student housing, healthcare, police stations and other property types.

The locally based firm currently holds €750 million worth of non-traditional real estate in its portfolio, encompassing 78 assets in seven countries. The aim is those holdings to more than €1.5 billion over the next three years. The firm plans to accomplish this goal through new third-party mandates and by potentially launching a second pooled investment vehicle.

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