Acquisition of flagship retail asset in Venice, Italy for c. €46 million

Acquisition of flagship retail asset in Venice, Italy for c. €46 million

Press Release
03 January 2018

AXA Investment Managers - Real Assets completes acquisition of flagship retail asset in Venice, Italy for c. €46 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 a client, of a prime retail asset in the centre of Venice, Italy from a private investor for €45.75 million.

Serving as Zara’s flagship outlet in Venice, the high street property totals 2,660 sqm arranged over five floors, making it one of the largest retail stores in the city. The asset was launched in its current form in October 2017 following a comprehensive redevelopment from office use to deliver a modern and high-specification retail offering which was pre-let to leading international fashion brand Zara, part of the Inditex Group, who is committed to a long term lease.

The property is located on Calle Zorzi, just a few meters from the Piazza San Marco district in the epicentre of Venice and home to its most famous landmarks. As one of the most visited cities in the world Venice has a significant retail offering to complement its historical tourist attractions, with luxury operators prominently represented in the San Marco high street cluster. The city is well connected by car, train, boat and an international airport, facilitating the constant inflow of visitors.

Alessio Lucentini, Local Head of Asset Management & Transactions, Italy, at AXA IM - Real Assets, commented: “This acquisition represents an excellent addition to our portfolio, providing us with exposure to the retail market of one of Italy’s most dynamic and frequented cities, Venice. This asset makes a significant real estate investment on account of its unrivalled location, prime quality and the strong covenant of its tenant, Zara. More broadly, we remain confident in the ability of the retail sector to provide secure, long term income streams with regards to the best properties in the strongest locations and we continue to harness our local team’s expertise to seek out value enhancing opportunities for the benefit of our clients.”

– 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

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

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.

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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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