Axa Real Estate, the property division of Axa group, has recruited a new head of infrastructure financing and plans to expand his team by more than roughly a third this year, following the decision of its parent to invest €10bn in making loans to public projects.

The division, which has a €7bn business lending to property companies and developments, describes itself as the "largest investment manager in commercial real-estate debt". The parent insurance group's decision to hand it another €10bn to lend to infra projects will more than double its loan book.