29 July 2019 – Richard D. K. Turner
Last March, Generali Real Estate, the real estate arm of the Italian insurer, announced the launch of Axis Retail Partners, a new subsidiary specialising in shopping centres. Axis received a 500-million euro infusion from the insurer.
This week, Axis is closing in on a potential acquisition of two of the most important assets currently on sale in Europe: the Puerto Venecia (Zaragoza) and Intu Asturias (Oviedo), two giant Spanish shopping centres listed for sale by the UK’s Intu Properties.
In a process led by UBS and CBRE, Germany’s ECE and Axis Retail Partners have appeared as two of the likeliest buyers, with Axis out front. Intu values its 50% stakes in Puerto Venecia and Asturias at around €425 million. Canada’s CPPIB, which shares ownership, declined to exercise its option to purchase the assets.
Original Story: El Confidencial – Ruth Ugalde