The Alternatives business line, set up in October 2012, focussed on alternative real estate opportunities of healthcare and student accommodation. Its mandate is now to include hotels, data-centres, residential, forest and other specific situations.
This is in a strategic bid “to achieve our objective of significantly growing our assets under management in the alternatives sector over the next three years”, according to global chief investment officer Dennis Lopez.
Axa Real Estate currently has a total of €46bn in assets under management.
When the alternatives business was launched, Axa Real Estate’s chief executive Pierre Vaquier said the division’s aim was to double alternative assets under management to €1.5 billion within three years.
Managing the business, Riccardo Dallolio is to become the new sector head. He moves across from his current role as head of European transactions with Axa Real Estate, a position he was hired to take on in 2011.
His European transactions role will be taken on by Laurent Jacquemin, currently global head of corporate finance.
The third management change is the promotion of Philippe de Martel from head of corporate finance, France, to replace Jacquemin. He will be responsible for overseeing new product development and structuring, property finance and coordination of complex transactions in Europe, Asia and the US.
