AXA Real Estate Investment Managers has purchased a 50% share in Cabot Circus in the center of Bristol for £267.8m (€335.5m) from Land Securities which owns it in a joint venture with Hammerson.
The center offers 127277 m² of retail, leisure, catering, hotel, residential, student accommodation and car parking facilities. It is listed as one of the top 20 UK shopping centers and is situated prime position in the center of Bristol. The center opened during September 2008 as part of the urban regeneration projects which took place in the UK. It is in a catchment area of 2.4 million residents and had an annual visitor count of 18.2 million during 2013. Its anchor tenants are UK and international retail brands.
Hammerson has retained its 50% share and will manage the center. AXA will assume a property and asset management role on behalf of its clients. AXA believes that together with Hammerson, they will be able to improve the facilities to add extra value to their customers.
Hammerson’s chief investment officer, Peter Cole, said the center has potential for further development and adjustment of the mix of retailers to ensure that customers’ needs are satisfied.
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