AXA SA’s belongings unit agreed to shop for a 50 percent
stake in a shopping center and different belongings inside the English
metropolis of Bristol from Land Securities organization p.c for £267.eight
million ($450 million).
the purchase of Cabot Circus, approximately 115 miles (185
kilometers) west of London, additionally consists of a stake in homes, a inn
and student accommodation, Paris-based AXA actual property investment Managers
stated in a statement today. Hammerson p.c owns the other 50 percentage of the
belongings and will take on the mall’s management after the deal is completed,
AXA stated.
investors had been buying big buying department stores with
leisure and enjoyment centers in Europe inside the notion they'll be less
tormented by internet retailing. The purchasing center at Cabot Circus has more
than 120 shops and restaurants and occupiers include Apple, H&M and Harvey
Nichols, consistent with London-based totally Land Securities’ website.
“We continue to be satisfied of the capacity of the retail
sector to provide comfy, lengthy-term profits streams,” Laurent Jacquemin, head
of european transactions at AXA actual estate stated inside the announcement.
“we can hold to pick out and actively spend money on prime retail property
throughout Europe.”
AXA real estate bought the stake in Cabot Circus on behalf
of clients, consistent with the statement. It controlled €8.five billion
[($11.35 billion) of retail property on the give up of March, together with
extra than 30 buying facilities.
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