AXA Investment Managers - Real Assets completes 17,400 sqm extension and renovation programme at Val d’Europe shopping centre in France
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real assets investment and the leading(1) real estate portfolio and asset manager in Europe, together with Klépierre, has completed its latest development with the extension and renovation of the Val d’Europe shopping centre in Marne-la-Vallée at 40 km East of Paris, France, in which AXA IM - Real Assets manages a stake on behalf of one of its clients. The completed extension is officially inaugurated today.
The large-scale 17,400 sqm extension takes the total space to over 105,000 sqm, and delivers five new medium size units, 17 further shops as well as a central food & beverage corner comprising eight kiosks. A comprehensive renovation of the centre, which first opened in 2000, has also been undertaken simultaneously, introducing the very latest retail and property standards to the scheme in order to both upgrade the customer journey and accommodate the retailers’ current and future requirements. These initiatives have further strengthened Val d’Europe’s position as a major Parisian retail destination, which already attracts approximately 17 million visitors annually(2).
The recent works highlight AXA IM - Real Assets’ position as one of Europe’s most active property developers, with an established track record of successfully managing and executing development projects, at every level from refurbishment works to large scale schemes. AXA IM - Real Assets’ Development experts and Asset Managers aim to create value through a combination of architectural quality, sustainability, creativity and innovation, as well as through strong investment and risk management expertise. Over the last 16 years, AXA IM - Real Assets has successfully developed over 250 projects in eight European countries, for a total of €13.2 billion(3), and has over €9.6 billion(4) projects currently under development.
Nathalie Charles, Regional Head of Asset Management & Transactions, Southern Europe and Pan-European Development Leader at AXA IM - Real Assets, commented: “The changes at Val d’Europe reflect a shifting trend towards creating compelling retail experiences for shoppers. Asset management initiatives such as extensions and refurbishments act as a way to accelerate the gain of attractiveness of our shopping centres.”
“Val d’Europe is a major retail destination in France and this project highlights our continued participation in key international developments, based on our extensive experience which leads to further value creation. Our ongoing involvement also illustrates our sector knowledge, as we leverage assets with major demographic fundamentals”.
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1 Source: IP Real Estate Top 100 Investment Management Survey – Nov/Dec 2016
2 Source: Klépierre
3 AXA IM Real Assets data as end of March 2016, unaudited
4 AXA IM Real Assets data as end of December 2016, unaudited
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