The latest purchase by Axa Investment Managers - Real Assets is Porta Siena, a shopping centre in Siena, Italy.
The acquisition has been made on behalf of clients for €21.5m ($23.1m).
The 8,800 sq m shopping centre is almost fully let to 33 tenants, including a number of strong anchor retailers. The centre has an annual footfall of more than 5m visitors and is spread across three levels with two further floors designated for parking.
Axa IM said the transaction demonstrated Axa IM - Real Assets' "conviction in the performance of dominant European retail and leisure centres which are located in strong cities."
Alessio Lucentini, head of asset management & transactions in Italy, real assets, commented: "Porta Siena is located in the popular cultural city of Siena, a wealthy and well-connected part of the Tuscan region which appeals to international tourists. Already benefitting from a strong tenant line-up, we have identified further asset management opportunities in order to maximise the centre's potential."
Earlier this week, Axa IM announced the €27m purchase of a Milan office building (IAR, 5 January).