Property investment manager AXA Real Estate has paid £267.8m to acquire a 50 per cent stake in the mixed-use development centred around Bristol’s Cabot Circus shopping centre.

AXA has bought the share – on behalf of its investment clients – from Land Securities, which owns the asset with Hammerson through a 50:50 joint venture. The completion of the acquisition is subject to EU merger control notification.

The deal gives AXA a substantial holding in the 1.37 million sq ft (127,277sq m) Cabot Circus shopping centre, comprising retail, catering, leisure, car parking, residential, hotel and student accommodation. Having opened in 2008, the site has become the prime retail core of Bristol city centre and one of the UK’s top 20 shopping centres.

Martin Perrott, senior transaction manager at AXA Real Estate, said: “Together with Hammerson, we believe that we will be able to enhance the centre through the introduction of more catering, in order to adapt to changing consumer habits and multi-channel retailing, enabling us to continue to add value for our clients.”

Hammerson is retaining its 50 per cent stake in Cabot Circus and will take over the management of the centre, encompassing property and asset management, as well as leasing and marketing. AXA will have a strategic asset management role on behalf of its clients.

“The centre has the potential to further strengthen its position by capitalising on structural retail trends and adapting the tenant mix,” said Hammerson chief investment officer Peter Cole.

“We are therefore excited about taking on the asset management role and delighted to be partnering with AXA Real Estate.”