The alternative investment arm of Axa Investment Managers, one of the largest asset managers in Europe, has raised almost €1bn to fund future office developments in the bloc — a vote of confidence in a sector which has been severely hampered in the wake of the Covid pandemic.

Axa IM Alts, which oversees approximately €157bn in assets, said it plans to fund “modern, highly sustainable, technology and service led buildings” in France, the UK and Germany.