AXA Real Estate Investment Managers, the leading real estate fund and asset manager in Europe with 39.4 billion of assets under management as at March 2011, has sold the Grosvenor Shopping Centre in Macclesfield, on behalf of its client Friends Life Company Ltd, to Eskmuir Securities Ltd. The property was sold for £20.86 million (23.9 mln.).
James Owen, Senior Fund Manager at AXA Real Estate said: "Since acquiring the shopping center, we have undertaken a number of asset management initiatives to enhance the value of the property. The proceeds of the disposal will enable us to reinvest into our client's existing portfolio, where we have identified a number of opportunities to add value through redevelopment and refurbishment activity."
Paul Hodgson of Eskmuir, said: "We are delighted with this acquisition and are very excited about working with the existing tenants, and key stakeholders to enhance the shopping center's role as the retail heart of the town, through the attraction of new retailers."
KLM represented AXA Real Estate and Colliers International acted for Eskmuir Securities.