AXA Real Estate has formed a joint venture with Eurocommercial Properties by selling the European retail investor a 50% stake in a French shopping centre for €43.3 mln.
AXA Real Estate has formed a joint venture with Eurocommercial Properties by selling the European retail investor a 50% stake in a French shopping centre for €43.3 mln.
The 50% stake in Etrembières shopping centre was sold on behalf of AXA insurance companies which previously owned the entire centre and which will now retain a 50% stake.
The transaction represents the first time Eurocommercial has co-owned a retail asset alongside another investor.
Located in the town of Etrembières close to the Swiss border and 7 km from Geneva, the shopping centre dates from 1994 and houses 44 separate retailers. AXA Real Estate acquired a 50% stake in the mall in 2006 with the purcase of the remaining 50% following in 2011.
Amsterdam-listed Eurocommercial Properties had a portfolio of shopping centres valued at €2.7 bn at end-December 2014, of which 40% are in France, 38% in Italy and 22% in Sweden.
