Axa Real Estate to Buy Up to A$500 Million of Australian

Axa Real Estate Investment Managers, a unit of Europe’s second-largest insurer, will seek to buy as much as A$500 million ($483 million) of Australian office buildings over the next two years to capture higher yield.

Axa Real Estate, which manages 48 billion euros ($66 billion), plans to join hands with as many as three investors, with equity of as much as A$300 million, said Frank Khoo, global head of Asia. The group will buy about four “A-grade” office buildings in Sydney and Melbourne and fund the remaining amount with debt, he said.