LaSalle Investment Management has bought two retail premises in France from BNP Paribas REIM for €23.9m.
The global real estate investment manager said it acquired the fully-let two ground-floor retail premises in the centre of Toulouse on behalf of the LaSalle e-REGI fund, an open-ended pan-European real estate fund.
The property provides around 24,757sqft of retail space after it underwent a complete renovation in 2011.
Uwe Rempis, the fund manager for LaSalle E-REGI fund at LaSalle Investment Management, said: “This is a high-quality, core asset in a primary city, which will be an excellent addition to our Fund. We are keen to increase the diversification of the Fund’s allocation and invest more in France.”
Guillaume Delattre, a managing director at BNP Paribas REIM France, said: “The building was acquired in 2010 by BNP Paribas REIM France from Pitch Promotion for a sale-off plan.
“When the Habitat brand left, the asset management teams made it possible to set up Truffaut with its new urban concept, the brand’s first regional store in the city centre.”