Paris-based Axa Real Estate Investment Managers (REIM), a specialist real estate investor with EUR32 billion under management, has traded France's first property derivatives transaction, with Merrill Lynch. The French firm, a wholly owned subsidiary of Axa Investment Managers, executed the total return swap on the Investment Property Databank France Offices Annual Index last month. Neither Axa nor Merrill would disclose the size of the trade.
The trade came about when one of Axa REIM's client
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