AXA Real Estate Investment Managers (REIM) has completed a second close of its Commercial Real Estate Senior 1 (CRE1) fund. The pan-European debt fund has raised a total of €530 million, with €180 million in the most recent closing.

“This new allocation of €180 million of commitments that has been derived from European insurance companies underlines our belief that there is a clear demand from investors to gain access to the asset class,” says Isabelle Scemama, AXA REIM’s head of commercial real estate finance and adviser to CRE1.

In January 2011, CRE1 held a first close with €350 million in equity. The fund, which has already exceeded its minimum fund-raising target, is expected to hold a final close by summer 2011.

“The fact that several other insurance companies have recently announced their intention to invest in senior real estate loans, either directly for their own account or via a fund route, further endorses our belief that the European