AXA Investment Managers - Real Assets has joined forces with specialist retail asset manager Pradera to buy the 8Gallery shopping centre in Italy for €105m for a value-add strategy.

AXA Investment Managers - Real Assets, on behalf of clients, will own a majority stake in the 23,300sqm shopping centre in Turin.

Ian Chappell, Head of value-add and development funds at AXA IM - Real Assets, said: “8Gallery fits with our stated value-add strategy of acquiring assets which offer significant capital growth potential and where we can leverage our pan-European local footprint to the benefit of our clients.

“We are pleased by this acquisition of a landmark urban shopping centre which has excellent real estate fundamentals and strong upside potential through re-positioning and an extension. We will continue to deploy capital in value-added strategies given our increasing investor interest and our focus on sourcing new opportunities in this space.”

Stefano Viciguerra, the joint head at Pradera’s management business in Italy, said: “Pradera’s Italian and international retail and leisure teams see huge potential to further enhance the attraction of such an iconic complex for the local customer base and for the increasing number of tourists visiting the city each year.”