Generali’s Axis Retail Partners Seeks to Acquire Two of Intu’s Shopping Centres in Spain

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

Generali Creates New Retail JV with €500M to Invest in Shopping Centres

5 March 2019 – Eje Prime

Axis Retail Partners – that is the name of the new investment vehicle focusing on shopping centres that Generali has just launched. The insurance company holds a 51% stake in the company, which is going to invest €500 million in high-quality shopping centres across Europe.

The vehicle is expected to create its first fund, Generali Shopping Centres, during the second quarter of 2019, once the necessary approvals have been obtained. The fund’s expected annual return is 7%.

Original story: Eje Prime 

Translation: Carmel Drake