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GENERAL PROPERTY

AXA targets commercial mortgage loans

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AXA Investment Managers will acquire one of Quadrant Real Estate Advisors’ US lines of business, including a real estate debt team, and assume the management of $9.4 billion in US commercial mortgage loans.

The transaction, under contract and is pending regulatory approval, will bring AXA’s loan portfolio to $20.5 billion, and its total debt platform including infrastructure finance to around $28 billion.

As part of the deal, 24 members of Quadrant, including five of its founding partners, will join AXA IM – Real Assets. Quadrant will continue to various commercial real estate debt strategies in the US, Great Britain, and Ireland.

AXA – IM Real Estate has invested more than $1.1 billion in commercial real estate loans throughout the US since 2014.

Isabelle Scemama, CEO of AXA IM – Real Assets said the acquisition, would enable it to expand the leadership of its real estate debt platform from a European to a global level.

Steve McCarthy, head of North America for AXA IM – Real Assets, said, “By adding $9.4 billion of assets under management and bringing 24 high calibre real estate finance professionals into our team, this transaction will be significant for our growth in the US.”

“By combining the expertise and local knowledge of the Lift-Out Team with our own large scale resources and experience as well as the AXA IM – Real Assets’ brand, we will be very well placed to significantly expand our US debt business, while at the same time continuing to provide our collective clients with the commercial real estate financing solutions to which they are accustomed.”

Kurt Wright, who has been chief executive officer of Quadrant since its establishment in 2006 and co-founded the investment platform with executive vice president Walt Huggins in 1993, said Quadrant senior management remains fully focused on its fiduciary-first, fundamentals-driven, relative value style of investing.

“We look forward to continuing to deliver on behalf of our clients and providing unique, valuable career opportunities for our employees.”

Australian Property Journal