Primonial REIM has agreed its first deal in the Netherlands with the acquisition of a portfolio of 42 retail assets.

The French fund manager said it bought a total of 16,500sqm of assets in 22 Dutch city centres on behalf of two of its funds for an undisclosed sum.

Grégory Frapet, Chairman of the executive board at Primonial REIM, said: “We feel proud about Primonial REIM’s first deal in the Netherlands, in a move that will increase our pan-European footprint considerably.

“This investment is fully consistent with our strategy of branching out into new sectors and new regions and taking a selective approach to the real estate assets we work with.”

Frapet said when it comes to retail real estate, the manager prefers to operate in Europe’s large national and regional cities “which offer truly vibrant economies and favourable demographic trends”.

“We are part of the drive towards reviving city centres at a time when local neighbourhood stores are making a comeback,” Frapet said.