Friday, 6 February 2015
AXA Real Estate establishes joint venture with Eurocommercial Properties (FR)
AXA Real Estate Investment Managers, the leading real estate portfolio and asset manager in Europe, announces that on behalf of AXA insurance companies, it has established a joint venture with Eurocommercial Properties, one of Europe’s most experienced property investors.
This joint venture has been set up through the sale of a 50% stake in the Etrembières Shopping Centre, France to Eurocommercial for €43.3 million.
The AXA insurance companies previously owned the entire center and have retained a 50% stake. This transaction represents the first time Eurocommercial has part owned a retail asset alongside another investor.
Located in the town of Etrembières, the prime retail asset is within close proximity to the Swiss border and 7km from Geneva. The shopping center hosts 44 separate retailers and is anchored by a number of leading European fashion brands. The center is directly accessible from the motorway, with parking for 1,000 vehicles, and is further supported by excellent public transport links.
Laurent Lavergne, Head of Fund Management, Separate Accounts, at AXA Real Estate, commented: "Eurocommercial is a leading owner and manager of retail property throughout the Continent and the fact that we have been chosen by their team as preferred partner for their first joint venture investment illustrates both AXA Real Estate’s high standing in the market and its ability to remain flexible in its approach to structuring deals for the benefit of its clients. This transaction allows our client to diversify its portfolio while maintaining a 50% stake in this prime shopping center.”
Jeremy Lewis, Eurocommercial’s Chief Executive, said: “We are delighted to combine Eurocommercial’s specialist retail expertise with the great resources of AXA Real Estate for this transaction which is a significant step and we expect it will be mutually beneficial to both parties. We look forward to working together to ensure the continuing success of Etrembières Shopping Centre.”
Source: FTI Consulting