AXA Real Estate Investment Managers has more than €2.5 bn (£1.7bn) to invest in Europe following the closure of four of its funds.

AXA has raised €1bn (£675.8m) from around 40 institutional investors based all over Europe, as well as in the Middle East and Canada, for the funds. Both new and existing investors contributed.

The four funds are European Logistics Income Venture, which will purchase industrial warehouses within the Eurozone; the Core Italian Property Fund, which will invest in a mixed portfolio in Italy; the European Added Value Fund, which will target Western European real estate across the sectors; and the Alternative Property Income Venture, which will acquire assets within the leisure, residential and automotive sectors in the Eurozone.

Christian Delaire, global head of fund management, said: ‘European real estate offers a degree of diversification from domestically held property and the potential to target higher return markets. We believe that selective investments in Europe still offer great potential for out-performance, bringing good returns to our investors.’