The joint venture between AXA Investment Managers and Sonae Sierra has now completed the acquistion of the Área Sur shopping center, in the Spanish city of Jerez de la Frontera from Union Investment Real Estate.

In this transaction, the main share (85%) is owned by AXA IM on behalf of its clients investors, while Sonae Sierra will act as property and retail manager of the assets, owning the remaining 15%.

This southern Spain shopping center has a 47,000mGLA spread across 3 floors, with 2,344 parking spots. Hosts brands such as El Corte Inglés, Mercadona, Primark, Zara, Massimo Dutti, Cortefiel, Sfera, Berska, Pull & Bear, Springfield, Stradivarius or Okeysi, among others.

Nathalie Charles, Regional Head of Asset Management & Transactions to the Southern Europe at AXA IM – Real Assets, said  «This is our first transaction in partnership with Sonae Sierra, one of Europe’s leading retail property professionals and we look forward to the opportunity to partner with them in the future on projects across Europe.”

Pedro Caupers, Chief Investment Officer da Sonae Sierra, added that «We will devote our experience and know-how accumulated over more than 25 years with the aim of improving the performance of the asset and finding value creation opportunities at Área Sur, converting it into one of the shopping centers of reference in the south of Spain».

He pointed out that «at Sonae Sierra we are permanently searching for new and innovative asset management initiatives, with the aim of achieving a superior return on investment for our investment partners.  Likewise, we are very satisfied to undertake this project together with AXA IM – Real Assets, following our model of co-investing with other partners, assuming responsibility for management to achieve the objectives set by both parties», explains.