Axa Investment Managers’ property unit has struck a deal to buy a US-listed real estate investment trust, adding to a division that was identified as an area of growth for the funds business following a restructure late last year.

The acquisition of NorthStar Realty Europe will give Axa IM – Real Assets, a division within the asset manager that invests in property and infrastructure, oversight of €1.1bn-worth of office space and hotel investments in cities across Germany, the UK and France. The deal is being done on behalf of a client, Axa IM said, but it did not disclose further details.