A real estate subsidiary of Axa is selling the UGC Manoteras shopping center, located in the northeast of Madrid. The property offers 27,000 sqm, or 13,226 sqm of GLA. Axa acquired the investment in 2007 for €53m, but current market interest could push the price higher. Having stayed away from the Spanish market for several years, Axa is reportedly looking to strengthen its position. Its Spanish portfolio includes also such assets as the Urbil shopping centre in Guipúzcoa, office buildings in Barcelona and Madrid as well as 381 bank branches.
