AXA IM-Real Assets has formed a joint venture with US investment manager Bixby Land Company to acquire up to $400m (£287m) of logistics properties in the west of America.
The joint venture will seek investments in the industrial asset class targeting core and core plus strategies with Bixby acting as property and asset manager in an exclusive capacity. It will target properties located in California, Arizona, Nevada, Oregon and Washington, leveraging Bixby’s established acquisition pipeline and existing real estate operations platform that currently covers more than 6m sq ft.
Steve McCarthy, head of north America at AXA IM, said: “The asset class is supported by a number of strong fundamentals driven by structural changes in supply chains, e-commerce and consumer behaviour and, as such, aims to deliver durable and growing long-term income streams. We are pleased to be working with such an established and reputable partner as Bixby in this Joint Venture and we look forward to working with them on behalf of our clients.”
Bill Halford, Bixby chief executive, added: “We are leveraging our longstanding investment management experience with institutional capital partners into a programmatic, long-term relationship, benefitting the portfolio growth objectives of both Bixby and our partner. This new venture supports a greater strategy to build a robust third-party investment management operation that aligns with our growth plans for the company over the next five years.”