AXA Investment Managers - Real Assets has completed the acquisition of a retail and hotel development project in the centre of the German city of Leipzig.
The investment volume was not disclosed.
AXA IM - RA said the acquisition from German development group Centrum was part of its strategy to undertake or acquire large-scale and high-profile developments in growth cities across Europe to increase its portfolio of core assets.
'Having experienced above-average GDP growth in 2015, Leipzig continues to enjoy both employment growth and significant improvements in purchasing power. It is therefore an ideal location to construct an innovative and multi-purpose retail and leisure destination, as endorsed by the forward commitments of global retailer Primark and one of the leading modern hotel chains Arthotel ANA,' said Matthias Leube, regional head of asset management & transactions in Germany at AXA IM - Real Assets.
Completed in August 2016, the Leipzig asset comprises a total 14,300 m2 of retail space across five storeys, with Primark already secured as the anchor tenant. It also includes an integrated 100-room, 3-storey hotel, which will be managed by German hotel operator GS Star, under the name Arthotel ANA Symphonie. The complex is within a five-minute walk from the main train station.
AXA IM - Real Assets has completed 250 projects with a total value of €13.2 bn in Europe since 2000, and is managing a further €10.5 bn of projects across eight European countries.
