AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), the leading real estate portfolio and asset manager in Europe, announces that it has completed acquisition, on behalf of its clients, of a prime retail and hotel development opportunity in the city centre of Leipzig, Germany, from Centrum group . The acquisition forms part of AXA IM - Real Assets’ strategy to invest in development opportunities on behalf of its clients in growth cities across Europe, whilst capitalising on individual market dynamics and timing.
The asset, which construction completed in August 2016, comprises a total of 14,300m² of retail space across five storeys, with Primark already secured as the anchor tenant. It also includes an integrated 100 room, 3 storey hotel, which will be managed by the German hotel operator GS Star, under the name Arthotel ANA Symphonie.
Situated in a prime central location in the inner-city of Leipzig, the asset is close to the already well established prime shopping district. The complex is within a five minute walk from the main train station and the urban railway station.
This transaction forms part of AXA IM - Real Assets’ ongoing strategy to undertake or acquire large-scale and high-profile developments in growth cities across Europe, building out its portfolio of core assets. AXA IM - Real Assets has completed 250 projects with a total value of €13.2 billion(2) in Europe since 2000, and is managing a further €10.5(2) billion of projects across eight European countries.
Matthias Leube, Regional Head of Asset Management & Transactions, Germany, at AXA IM - Real Assets, commented: “Having experienced above average GDP growth in 2015, Leipzig continues to enjoy both employment growth and significant improvements in purchasing power. It is therefore an ideal location to construct an innovative and multi-purpose retail and leisure destination, as endorsed by the forward commitments of global retailer Primark and one of the leading modern hotel chains Arthotel ANA.”
