AXA IM Alts’ flagship European logistics fund, AXA Logistics Europe Master, has successfully issued a €500m green bond.
This second issuance of AXA Logistics Europe after its 2021 inaugural transaction was 6.2x oversubscribed with a final order book of more than €3.1bn attracting a broad range of European and institutional investors.
The green bond, which matures in 2031, has been assigned a A- rating by Fitch and pays a coupon of 3.375%.
AXA IM Alts intends to use the proceeds to finance the acquisition of logistics properties with best-in-class sustainability features, as well as to undertake capital expenditure initiatives that support the decarbonisation of the fund’s portfolio.
The fund comprises 150 assets providing circa 4.2m sq ft of space across supply constrained logistics hubs in 11 countries, primarily in Western Europe.
Timothé Rauly, global co-head of real estate at AXA IM Alts, said: “We believe that the exceptionally strong demand we received for this new green bond, being more than six times oversubscribed, is a powerful endorsement of the quality of the portfolio our team has carefully curated for AXA Logistics Europe since its launch in 2019.”
