The real assets arm of Axa Investment Managers has made investments in Parisian property including upmarket shopping centres.
It has invested €676 million investment across two prime retail assets, including a 75% stake in Italie Deux, the French capital’s second largest shopping centre, for €473 million.
The upmarket three-storeyed Italie Deux, acquired from British property developer Hammerson, draws over 12 million visitors a year and annual sales of €310 million. Axa IM – Real Assets intends to create further value by enhancing the food and beverage offering.
Axa IM – Real Assets has also bought a 50% stake in a mixed-use property complex that includes the Passage du Havre shopping mall in the Haussmann-Saint Lazare commercial district.
The stake in the 23,850 sqm property cost €203 million. As well as offices and residential properties, there is also a shopping arcade located in the Passage du Havre.
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