July 29, 2019 / 7:05 AM / 23 days ago

AXA buys Paris shopping centers from Hammerson and Eurocommercial for $752 million

PARIS (Reuters) - AXA Investment Managers (AXAF.PA) has agreed to buy two Paris shopping and leisure centers for 676 million euros ($752 million) from Hammerson (HMSO.L) and Eurocommercial Properties (SIPFc.AS), adding potentially lucrative retail assets to AXA’s portfolio.

AXA’s investment arm said on Monday that it was buying a 75% stake in Paris’ Italie Deux retail and leisure center from British property group Hammerson for 473 million euros.

AXA also announced the acquisition of a 50% stake in the ‘Passage du Havre’ complex near Paris’ St Lazare station from Eurocommercial Properties for 203 million euros.

“These transactions provide us with an almost unique opportunity to secure access to two prime central Paris retail destinations, on behalf of clients, both of which would otherwise rarely come to market,” said Antoine Mesnage at AXA IM.

The sales came as Hammerson announced a dip in interim rental income.

($1 = 0.8989 euros)

Reporting by Sudip Kar-Gupta; Editing by Kirsten Donovan

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