AXA Investment Managers - Real Assets has acquired Dolce Vita Tejo retail and leisure destination in Portugal for around €230m.
AXA IM-RA said it bought the shopping centre in Lisbon from Baupost and Eurofund Group.
The sellers, who are currently undertaking a redevelopment programme, will continue to respectively act as operator and development manager for the asset until completion.
Dolce Vita Tejo attracts an annual footfall of 15m and is currently the second largest shopping centre in Portugal.
It has around 80,000sqm spread across two floors and four adjoining levels of parking.
The 274 retail units are over 90% let.
The redevelopment programme, to be completed in 2019, will deliver additional lettable space and units.
Hermann Montenegro, the head of asset management and development, Iberica at AXA IM-RA, said:
“This acquisition is further evidence of our confidence in the recovering Southern European retail market, while it has provided us with a unique opportunity to meaningfully enter the Portuguese capital.
“The redevelopment programme that is currently underway is focused on enhancing the value of this well-located asset to further cement it as one of the country’s leading shopping destinations, for the benefit of our clients.”
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