AXA Real Estate has completed the purchase of at 35% stake in the Ruhr Park shopping centre in Bochum, Germany for €231m (£165m).
The stake has been bought on behalf of the Ummo fund from Perella Weinberg Real Estate Fund I LP, which previously owned a 50% stake as part of a joint venture with Unibail-Rodamco.
Unibail-Rodamco has acquired the remaining 15% of PWREF’s stake in the centre, increasing its holding to 65%, and will continue to manager the park.
AXA head of European transactions Laurent Jacquemin said: “AXA Real Estate continues to target dominant large-format multi-channel retail outlets and particularly major shopping centres where leisure and entertainment facilities expand the appeal of such destinations in a changing retail landscape. We remain convinced of the ability of the retail sector to provide secure, long-term income streams and continue to seek out and invest in such assets to the benefit of our clients.”
