AXA Investment Managers — Real Assets (AXA IM – Real Assets) has acquired Eureka Funds Management, an independent real estate fund and investment manager based in Sydney, for an undisclosed sum.
AXA IM – Real Assets, the property investment unit of French insurer Axa that oversees €66bn in assets, said that the deal is part of its strategy to expand globally.
AXA IM – Real Assets CEO Pierre Vaquier said: “As one of the world’s most liquid and transparent property markets, as well as a significant source of capital, we have long targeted Australia as a key region in AXA IM – Real Assets’ global expansion strategy and the acquisition of Eureka provides us with an immediate and significant footprint in this important region.
“From working in collaboration with Eureka over the past few years, having made our first investment in Australia with them in 2013, it has become increasingly apparent that our businesses are both extremely similar in ethos and highly complementary in terms of what each party brings. It therefore gives me great pleasure to welcome all of Eureka’s staff into the AXA IM – Real Assets’ team.”
Set up in 2004 by Bob Kelly, Kumar Kalyanakumar, Quentin Shaw, Niall McCarthy and Rod Cowdroy, Eureka manages several trusts and mandates with AUD5bn in assets.
Eureka also has a presence in debt markets, which will help AXA to expand its market leading €13bn global real estate and infrastructure debt platform into Australia.
AXA IM – Real Assets will however continue to use the Eureka brand, with Eureka now operating under the name ‘Eureka -Real Assets’.
Eureka managing director Bob Kelly said: “We are very proud of having built Eureka into one of Australia’s leading real estate investment and asset management businesses. At this stage of our development, we can clearly see the benefits of becoming part of the AXA IM – Real Assets’ global team, not just in terms of having the wider resources and expertise that will allow us to take our business to the next level, but also the additional scope and quality of client service we can offer.”