Axa Real Estate acquires stake in German shopping center
Axa Real Estate, on behalf of Axa Selectiv Immo and an Axa insurance company, has acquired a 35 percent stake in the Ruhr Park shopping center in Bochum, Germany. This stake was acquired for €231 million from Perella Weinberg Real Estate Fonds I LP (PWREF), which previously owned a total of 50 percent of the retail property.
As part of the transaction, Unibail-Rodamco will acquire the remaining 15 percent of the fund and now holds 65 percent of the shopping center. Unibail-Rodamco will continue to be responsible for the management of Ruhr Park, which has more than 100,000 square meters of leasable space.
This is the third joint venture in the shopping center sector in the past twelve months for Axa Real Estate. Last year it acquired Cabot Circus in Bristol and in February 2015 a 50 percent stake in Etrembières Shopping Centre in France in a joint venture with Eurocommercial Properties. (mr)
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