Etablissement de Retraite Additionnelle de la Fonction Publique, Paris, hired AXA Real Estate Investment Managers to run an SRI European real estate allocation, confirmed spokeswoman Alice Blais.
Investments over a three-year period could total €350 million ($457 million).
“Standby managers could be activated in the future for several reasons: failure of the active managers, risk diversification (or) increase of the amount to be invested,” Ms. Blais wrote in an e-mail.
AXA will manage a portfolio mainly in offices and retail property in OECD countries in Europe. It also might invest in residential and logistic sectors.