AXA Real Estate sells Grosvenor mall for EUR 24m

AXA Real Estate Investment Managers has sold the Grosvenor shopping centre in Macclesfield, England, to UK commercial property investor Eskmuir. The property was sold for £21 mln (EUR 24 mln) on behalf of AXA's client, Friends Life Company,

The 88,000 sq ft (8,175 m2) shopping centre is located in the heart of Macclesfield town centre in Cheshire and comprises 45 units. Current occupiers include Boots, Argos, Fat Face and Vodafone.

'The proceeds of the disposal will enable us to reinvest into our client's existing portfolio, where we have identified a number of opportunities to add value through redevelopment and refurbishment activity,' said James Owen, senior fund manager at AXA Real Estate.

KLM represented AXA Real Estate and Colliers International acted for Eskmuir.