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Acquisition of a joint-controlling stake in Paunsdorf shopping centre in Leipzig for €132.5 million

Acquisition of a joint-controlling stake in Paunsdorf shopping centre in Leipzig for €132.5 million

Press Release
29 November 2017

AXA Investment Managers - Real Assets completes the acquisition of a joint-controlling stake in Paunsdorf shopping centre in Leipzig for €132.5 million

AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real asset investments and the leading(1) real estate portfolio and asset manager in Europe, announces that it has completed the acquisition, on behalf of two of its clients, of Ivanhoe Cambridge’s interest in the Paunsdorf Centre (‘Paunsdorf’), a dominant shopping centre in Leipzig, Germany, for €132.5 million. The shopping centre will be jointly-controlled by AXA IM - Real Assets 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 sqm of GLA across three floors and more than 170 retail units. The centre benefits from high quality tenants, stable performance and annual footfall of more than eight million customers. It is conveniently located with direct access to two highways and public transportation, including its own tram and bus stops, and includes 7,300 free customer parking spaces.

AXA IM - Real Assets will work alongside Unibail-Rodamco Germany to drive forward a strategy to both maintain and build on the high occupancy levels whilst undertaking a number of value-enhancing asset management initiatives to further improve the centre’s vibrancy and consumer experience.

Leipzig is one of the most dynamic cities in Germany from both an economic and demographic perspective. The city is a major employment hub for a diverse range of industries, including automobile, biotechnology, retail and media. It is also a major university city and popular destination for trade fairs, both contributing to high levels of visitors to the region.

This latest transaction builds on AXA IM - Real Assets’ track record of investing on behalf of clients – often through meaningful partnerships – to secure dominant European retail and leisure centres which are located in leading cities or places of high footfall which attract tourists in their own right. Most recently, in June 2017, AXA IM - Real Assets completed the acquisition, on behalf of its clients, of an interest in Area Sur Shopping Centre Spain while other major shopping centre interests include Val d’Europe near Paris, France and Cabot Circus in Bristol, UK.

Laurent Jacquemin, European Head of Transactions at AXA IM - Real Assets, commented: “Paunsdorf Center is a high quality asset and well located in a city demonstrating strong demographic fundamentals. 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. Our team has a strong track record in the retail sector and know the Saxony region well so will draw on this expertise as we support the future plans for Paunsdorf.”

– ENDS –

1) Source: INREV/ANREV Fund Manager Survey – May 2017– in terms of assets under management

 

Press Contacts

AXA Investment Managers - Real Assets
Charline Coué, Media Relations Manager
Jocelyne Tamssom, Head of Communications
Tel: +33 1 44 45 97 95
PressOfficeAXAIMRealAssets@axa-im.com

FTI Consulting Inc.
Richard Sunderland, Richard Gotla, Ellie Sweeney, Tom Gough
Tél: +44 20 3727 1000
AXAIMRealAssets@fticonsulting.com

Note to editors

AXA Investment Managers is an active, long-term, global, multi-asset investor focused on enabling more people to harness the power of investing to meeting their financial goals. By combining investment insight and innovation with robust risk monitoring, we have become one of the largest asset managers in Europe with ambitions to become the chosen investment partner of investors around the world. With approximately €732 billion(1) in assets under management as at end of September 2017, AXA IM employs over 2,450 people based in 29 offices around the world.

AXA Investment Managers - Real Assets has €74 billion in assets under management, including €56.5 billion in direct property & infrastructure and €14 billion in real asset finance as of end of September 2017(2). We offer a 360° approach to investing in real assets, which comprises opportunities in equity or debt, across different geographies and sectors, as well as via private or listed instruments. We are a global leader in real assets investment, the number one property portfolio and asset manager in Europe(3), and one of the largest worldwide. Our teams have been managing funds and mandates for over 30 years and comprise about 650 people in 15 offices that operate in over 20 countries around the world, which provide us with in-depth knowledge of countries, cities and sectors.

AXA Investment Managers is part of the AXA Group, a global leader in financial protection and wealth management.

Visit our websites: www.axa-im.com / https://realassets.axa-im.com

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1 Source: AXA IM unaudited data
2 Source: AXA IM - Real Assets’ unaudited data
3 Source: INREV/ANREV Fund Manager Survey – May 2017 in terms of assets under management

 

This document is aimed solely at the media and is for information purposes only. The opinions expressed here are the views of the author and do not constitute investment advice. This is not a recommendation to purchase, sell or subscribe to financial instruments, an offer to sell investment funds or an offer of financial services. This press release is as dated. They do not necessarily represent the views of any company within the AXA Investment Managers Group and may be subject to change without notice. This does not constitute a Financial Promotion as defined by the Financial Conduct Authority. This is for information purposes only. No financial decisions should be made on the basis of the information provided. Past performance is not necessarily representative of future results: performance is not constant over time and the value of investments may fall as well as rise.

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