AXA Real Estate Investment Managers announced that it has completed, on behalf of AXA Selectiv’ Immo, a French regulated real estate collective investment undertaking (OPCI), and an AXA insurance company, the acquisition of a 35% stake in Ruhr Park Shopping Center (“Ruhr Park”) in Bochum, Germany for €231 mln.
The 35% stake has been acquired from Perella Weinberg Real Estate Fund I LP (“PWREF”), which previously owned 50% of the centre as part of a joint venture with Unibail-Rodamco. As part of the transaction, Unibail-Rodamco has acquired the remaining 15% of PWREF’s stake in the centre, increasing its holding to 65%, and will continue to manage Ruhr Park.
Originally built in 1964, Ruhr Park has undergone refurbishment works since inception with further updates including a 22,000 m² extension currently underway. This latest phase of updates and expansion are due for completion in the fourth quarter of 2015 and will increase the centre’s total lettable area to 107,000 m², allowing it to host a more diversified mix of international tenant brands. Ruhr Park currently offers a total of 168 shops, a cinema and parking for 4,400 cars.
This transaction, which illustrates both AXA Real Estate’s active approach to retail opportunities and success in securing joint venture partnerships, is AXA Real Estate’s third shopping centre joint venture in the past 12 months and follows the acquisition in 2014 of a 50% stake in Cabot Circus, Bristol, UK and the establishment in February 2015 of a joint venture with Eurocommercial Properties, to own a 50% stake in the Etrembières Shopping Centre, France. At the end of March 2015, AXA Real Estate held €9 billion of retail assets across 13 European countries, including over 35 shopping centres.
Source: AXA Real Estate