AXA Investment Managers - Real Assets (AXA IMRA) has completed the acquisition of a joint-controlling stake in the Paunsdorf shopping centre in the German city of Leipzig, for €132.5 mln.
AXA IMRA, acting on behalf of two of its clients, has acquired the interest from Ivanhoe Cambridge. Following the deal, the shopping centre will be jointly controlled by AXA IMRA and Unibail-Rodamco Germany, which will also continue to manage the asset.
Paunsdorf is one of the largest shopping centres in the region, totalling 114,000 m2 of gross lettable area across three floors and more than 170 retail units as well as 7,300 free customer parking spaces. The centre benefits from high quality tenants, stable performance and annual footfall of more than eight million customers.
AXA IMRA said it will work alongside Unibail-Rodamco Germany to drive forward a strategy to both maintain and build on the high occupancy levels while undertaking a number of value-enhancing asset management initiatives.
'Paunsdorf Center is a high quality asset and well located in a city demonstrating strong demographic fundamentals,' commented Laurent Jacquemin, European head of transactions at AXA IMRA. 'It is a clear example of a retail-led property which already performs well in its own right but where we, together with our partner, see the potential for further value-enhancing initiatives. We are delighted to have the opportunity to work with Unibail-Rodamco again and look forward to building on our past successes such as Ruhr Park Shopping Center, Germany.'
