AXA Real Estate has paid €235m for a 35% stake in a German retail asset majority-owned by Unibail Rodamco.
The Ruhr Park centre, in Bochum, was equally owned by Unibail Rodamco and Perella Weinberg’s Real Estate Fund I. The latter’s 50% stake has been split, with AXA taking 35% and Unibail Rodamco increasing its stake to 65%.
Perella Weinberg will continue to manage the 107,000sqm asset.
AXA Real Estate said the deal was done on behalf of French OPCI vehicle AXA Selectiv’ Immo and an AXA insurance company.
The 168-unit shopping centre, built in 1964, is currently undergoing an extension which will add 22,000sqm.
Laurent Jacquemin, European head of transactions, said the manager will continue to target “dominant, large format multi-channel retail outlets” and shopping centres where leisure and entertainment facilities “expand the appeal”.
The transaction is AXA’s third shopping centre joint venture in the past 12 months, following the acquisition of a 50% stake in Cabot Circus in Bristol and the establishment in February of a joint venture with Eurocommercial Properties to own a 50% stake in the Etrembières Shopping Centre, France.