Axa Real Estate Investment Managers has completed the first closing of its pan-European debt fund, GlobeSt reports. The Commercial Real Estate Senior 1 (CRE1) has raised a total of $466 million in its first closing. The fund supplements existing commitments for investment in real estate debt of $1.5 billion.

CRE1, which has a target of around $1.3 billion, will give senior loans directly and focus on investments backed by good-quality income-producing properties. It will primarily target Euro-denominated investments, but will also seek exposure to sterling and Nordic currencies.

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