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Axa IM - Real Assets, Pradera buy Italian shopping center stake for €105M

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Axa IM - Real Assets, Pradera buy Italian shopping center stake for €105M

On behalf of its clients, Axa Investment Managers - Real Assets teamed up with fund manager Pradera to acquire a majority stake in the 8Gallery shopping center in Turin, Italy, for €105 million from asset manager GWM Group, PropertyEU reported.

The retail asset in Lingotto Complex provides a total of 23,300 square meters of gross leaseable area across two floors, along with 4,000 parking spaces. The property has consent in place for a renovation of its northern entrance and a 7,700-square-meter extension to accommodate further retail units, the publication noted July 27.

GWM paid approximately €80 million to purchase 8Gallery in late 2014 and planned a €20 million refurbishment for the shopping center in 2016-end.