Paris, 14 June 2017 Investment Managers - Real Assets completes acquisition of Area Sur shopping centre in Jerez, Spain

AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real asset investments and the leading(1) real estate portfolio and asset manager in Europe, announces that it has completed the acquisition, on behalf of AXA CoRE Europe Fund(2), in an 85/15 joint venture with Sonae Sierra, of Area Sur Shopping Centre (“Area Sur”) in Jerez, Andalusia, Spain, from Union Investment. Sonae Sierra, the international company dedicated to develop and service vibrant retail-centred properties, will act as property and retail manager of the asset.

The 47,000 sqm shopping centre, spread across one ground and two upper floors, with 2,344 parking spots, is over 90% let to 86 tenants on good covenants, representing a diverse range of quality and retail and leisure outlets.

The centre benefits from good public transport links and excellent vehicular accessibility, located between the N-IV main road and A-4 motorway, which sees 30,000 cars passing daily and provides a catchment area estimated at 450,000 people(3). The asset’s regional dominance is enhanced due to its adjacent position to the complementary Luz Shopping retail park, which together deliver the largest commercial retail scheme in Andalusia.

The strategy of AXA IM - Real Assets, together with its joint venture partner Sonae Sierra, is to maintain the high occupancy level whilst undertaking a number of value enhancing asset management initiatives to improve the vibrancy and consumer experience.

AXA IM - Real Assets’ continues to invest in dominant European retail and leisure centres which are located in strong cities or places of high footfall which are tourist destinations in their own right. This transaction is also in line with the strategy of the AXA CoRE Europe Fund, the flagship pan-European open ended real estate fund of AXA IM - Real Assets, which aims at giving clients access to a diversified range of high quality pan-European investments, aiming to provide long-term stable income through capitalising on individual market dynamics and timing. This acquisition is an ideal addition to the Fund’s portfolio, which already comprises an interest in Tour First in Paris La Défense, the Asticus and Warwick Buildings in London, and an interest in a landmark office asset in Milan. The Fund exceeded €800 million of total commitments by the end of March 2017.

Hermann Montenegro, Head of Asset Management & Transactions, Spain, at AXA IM - Real Assets, commented: “This well-located asset in one of the fastest growing regions of Southern Spain, currently experiencing a return of consumer confidence, represents a strong addition to our managed portfolio of retail assets. The diverse and established tenant line up at Area Sur will generate attractive income, whilst the potential to deliver significant uplift through further asset management initiatives represents a longer- term focus. Our local team in Spain remains well placed to continue sourcing opportunities that fit with our investment strategy and benefit our clients.”

Nathalie Charles, Regional Head of Asset Management & Transactions, Southern Europe, AXA IM - Real Assets, said: “This is our first transaction in partnership with Sonae Sierra, one of Europe’s leading retail property professionals and we look forward to the opportunity to partner with them in the future on projects across Europe.”

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Pedro Caupers, Chief Investment Officer at Sonae Sierra, added: “We will devote our experience and know-how accumulated over more than 25 years with the aim of improving the performance of the asset and finding value creation opportunities at Área Sur, converting it into one of the shopping centres of reference in the south of Spain. At Sonae Sierra we are permanently searching for new and innovative asset management initiatives, with the aim of achieving a superior return on investment for our investment partners. Likewise, we are very satisfied to undertake this project together with AXA IM – Real Assets, following our model of co-investing with other partners, assuming responsibility for management to achieve the objectives set by both parties.” – ENDS – 1) Source: IP Real Estate Top 100 Survey – Nov/Dec 2016 2)The Fund is managed by AXA REIM SGP, a subsidiary of AXA IM - Real Assets. The Fund is reserved for professional investors (within the meaning of the AIFMD) from the following jurisdictions: Austria, Belgium, Czech Republic, Denmark, Finland, France, , Ireland, Italy, Luxembourg, Netherlands, Norway, Spain, Sweden, Switzerland and United Kingdom. Investment in the Fund is speculative and involves substantial risks including risk of loss. 3)CACI & INE 2015

Press Contacts

AXA Investment Managers – Real Assets Charline Coué, Media Relations Manager Jocelyne Tamssom, Head of Communications Tel +33 1 44 45 97 95 [email protected]

FTI Consulting Inc. Richard Sunderland, Richard Gotla, Ellie Sweeney, Tom Gough Tél: +44 20 3727 1000 [email protected]

Note to editors

AXA Investment Managers is an active, long-term, global, multi-asset investor focused on enabling more people to harness the power of investing to meeting their financial goals. By combining investment insight and innovation with robust risk monitoring, we have become one of the largest asset managers in Europe with ambitions to become the chosen investment partner of investors around the world. With approximately €747 billion in as of end March 2017, AXA IM employs over 2,350 people based in 29 offices around the world.

AXA Investment Managers - Real Assets has over €71 billion in assets under management, including €54 billion in direct property & infrastructure and €14.3 billion in real asset finance as of end of March 2017. We offer a 360° approach to investing in real assets, which comprises opportunities in both equity or debt, across different geographies and sectors, as well as via private and listed instruments. We are a global leader in real assets investment, the number one property portfolio and asset manager in Europe(1), and one of the largest worldwide. Our teams have been managing funds and mandates for over 30 years and comprise about 600 people in 15 offices that operate in 20 countries around the world, which provide us with in-depth knowledge of countries, cities and sectors.

AXA Investment Managers is part of the AXA Group, a global leader in financial protection and wealth management.

Visit our websites: www.axa-im.com / https://realassets.axa-im.com Follow us on Twitter @AXAIM / @AXAIMRealAssets to get our latest information 1) Source: INREV/ANREV Fund Manager Survey – May 2017

This document is aimed solely at the media and is for information purposes only. The opinions expressed here are the views of the author and do not constitute investment advice. This is not a recommendation to purchase, sell or subscribe to financial instruments, an offer to sell investment funds or an offer of financial services. This press release is as dated. They do not necessarily represent the views of any company within the AXA Investment Managers Group and may be subject to change without notice. This does not constitute a Financial Promotion as defined by applicable laws and regulation and is for information purposes only. No financial decisions should be made on the basis of the information provided. Information regarding the background and personnel of AXA IM - Real Assets is provided for information purposes only.

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