Bloomberg News

Axa Will Close 2.5 Billion-Euro Immoselect Fund in Germany

October 19, 2011

(Updates with amount of funds managed from second paragraph.)

Oct. 19 (Bloomberg) -- Axa Investment Managers, a unit of French insurer Axa SA, is closing its Axa Immoselect real-estate fund in Germany because of insufficient liquidity.

The fund’s liquidity level was about 10 percent, while the minimum required would have been about 30 percent, according to a statement on the website of Axa’s real-estate unit.

The Axa Immoselect fund, managed by Axa Investment Managers Deutschland GmbH, had 2.5 billion euros of assets ($3.45 billion), according to Jocelyne Tamssom, a Paris-based spokeswoman at Axa’s real-estate division.

“We will get the best possible prices for the sale of the assets and we’re continuing to manage the portfolio in an active way,” she said. Axa Immoselect’s assets include offices, logistics, hotel and commercial real estate, Tamssom said.

--Editors: Stephen Taylor, Steve Bailey

To contact the editor responsible for this story: Vidya Root at vroot@bloomberg.net


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