Real estate manager AEW has bought a retail asset in French Riviera city Cannes.
AEW has paid an undisclosed amount to buy the 375sqm asset on behalf of the manager’s French core retail fund Fondis.
The 4-storey building, situated on rue d’Antibes, was renovated in 2016 and is leased to luxury clothing company Twinset.
Sébastien Cappigny, fund manager at AEW, said: “We adopt a tactical approach to the retail sector across Europe, and remain convinced that there are pockets of opportunity to invest in assets with strong occupiers that are in established locations such as this.
“This investment is motivated by our strong belief that prime commercial property in the most dynamic French towns remains an attractive and resilient asset class. This acquisition, the fourth by the fund in Cannes, strengthens our presence on the rue d’Antibes, the commercial heart of one of the most important towns of the French Riviera.”
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