AXA IM completes purchase of Italian shopping centre for €22m

AXA Investment Managers – Real Assets has completed the acquisition of a shopping centre in southern Italy for €21.5m.

Porta Siena was built in 2007 on the edge of the Tuscan city and has 8,800 m2 of retail space on three levels. It is almost fully let to 33 tenants.

AXA IM said the transaction reflected its confidence in the performance of dominant European retail and leisure centres in strong cities and tourist destinations. The company has recently acquired a 35% stake in the Ruhr Park shopping centre in Germany, a 50% stake in Cabot Circus in Bristol, UK, and established a 50/50 joint venture with Eurocommercial Properties to operate the Etrembières centre in France, on the Swiss border near Geneva.

At the end of September 2015, AXA IM - Real Assets held €9.4 bn of retail assets across 11 European countries, including over 45 shopping centres.

Alessio Lucentini, Head of asset management and transactions in Italy, Real Assets, said: 'This deal builds on AXA IM - Real Assets’ significant European retail portfolio whilst further increasing our exposure to the Italian real estate market where our dedicated local team continues to source attractive opportunities for the benefit of our clients.’