Real estate investment and asset manager AEW has acquired Passy Plaza shopping centre in the 16th arrondissement of Paris.
The centre was acquired from Generali on behalf of three of AEW’s funds under management for retail investors.
The four-storey asset, which comprises 13,000 m2 split over two levels of retail units and two levels of parking, is currently let to 25 tenants, including major brands such as Uniqlo and Zara Home.
The centre was completely renovated in 2018 with the aim of improving the energy efficiency, upgrading the building and modernising the design.
Passy Plaza is situated on rue de Passy, close to the Passy (line 6) and La Muette (line 9) metro stations and the Boulainvilliers RER C station. The asset is located in one of the most affluent districts of Paris and represents a strong retail offering in an area with vacancy of less than 1% for retail assets.
Antoine Barbier, head of AEW Patrimoine, commented: 'This new acquisition is the 7th made by AEW on the rue de Passy, and demonstrates both the vitality of this sector and our ability to select the best performing assets for our clients.'
AEW was advised by Baum Notaires (Nicolas Baum and Vincent Hocquet) and Gide (Antoine Mary and Cécile Régnier).
The intermediaries on the transaction were Knight Frank (Antoine Grignon and Inès Jouyet) and Rothschild & Co (Benoît Thébault and Jennifer Lemarié).
