The fund will be listed on the London Stock Exchange but be domiciled and authorised in Guernsey. The portfolio will be managed by Axa IM’s pan-European real estate management arm, Axa Real Estate Investment Managers, which has offices in eight countries on the Continent and runs over h22bn in assets. The fund will invest mainly in continental European properties, including emerging Europe, but will also have exposure to the UK. Head of retail Simon Ellis says property has become an integral part of portfolios as investors look to diversify their investments with non-correlated assets. But as property exposure is usually concentrated in the UK, he is confident this fund will appeal.