AXA Real Estate has completed its purchase of a 50% stake in a UK shopping centre.

The investment manager of the Cabot Circus shopping centre in Bristol from Land Securities for £267.8m (€335m).

Land Securities owned the shopping centre in a 50-50 joint venture with Hammerson. 

With the latter remaining a 50% owner, AXA will enter a joint venture on the asset.

The shopping centre, which opened six years ago, contains a mix of retail, catering, car parking, residential, hotel and student accommodation.

Annual net rental income is £17.3m.

In August, AXA Real Estate said it believed large-format, multi-channel retail outlets – such as shopping centres – with leisure and entertainment facilities, were largely insulated from the structural changes to the retail market brought about by the shift to online retailing.

For Land Securities, the sale of Cabot Circus follows this year’s disposal of The Bridges in Sunderland and the acquisition of Bluewater in Kent.

Scott Parsons, managing director of retail at Land Securities, said the listed firm’s portfolio reshaping would continue.