AXA IM - Real Assets has completed the acquisition, on behalf of two of its clients, of Ivanhoe Cambridge’s interest in the Paunsdorf Centre, a dominant shopping centre in Leipzig, Germany, for €132.5m. The shopping centre will be jointly-controlled by AXA IM - Real Assets and Unibail-Rodamco Germany, which will also continue to manage the asset.
Paunsdorf is one of the largest shopping centres in the region, totalling 114,000 m² of GLA across three floors and more than 170 retail units. The centre benefits from high-quality tenants, stable performance and the annual footfall of more than eight million customers. It is conveniently located with direct access to two highways and public transportation, including its own tram and bus stops, and includes 7,300 free customer parking spaces.
AXA IM - Real Assets will work alongside Unibail-Rodamco Germany to drive forward a strategy to both maintain and build on the high occupancy levels whilst undertaking a number of value-enhancing asset management initiatives to further improve the centre’s vibrancy and consumer experience.
Laurent Jacquemin, European Head of Transactions at AXA IM - Real Assets, commented: “Paunsdorf Center is a high-quality asset and well located in a city demonstrating strong demographic fundamentals. It is a clear example of a retail-led property which already performs well in its own right but where we, together with our partner, see the potential for further value-enhancing initiatives. We are delighted to have the opportunity to work with Unibail-Rodamco again and look forward to building on our past successes such as Ruhr Park Shopping Center, Germany. Our team has a strong track record in the retail sector and know the Saxony region well so will draw on this expertise as we support the future plans for Paunsdorf.”
