BNP Paribas Real Estate Investment Management (REIM) France has acquired retail park Mon Beau Buchelay located in the town of Buchelay, from Ortis Invest & Compagnie de Phalsbourg.
The property was purchased on behalf of SCPI Accimmo Pierre. Financial details were not disclosed.
The Mon Beau Buchelay retail park opened in November 2019 and resulted from the restructuring of the former retail zone, which is part of the Seine Aval national interest operation, instigated by the French government.
It has a retail area of 34,500 m2, with 57 units occupied by national retailers in various sectors such as home, personal goods, culture and leisure. It also features seven restaurants and 1,105 parking spaces including charging stations for electric vehicles.
The environmental aspects are central to the asset's positioning, with the fitting of 1,000 m2 of solar panels and LED lighting, as well as beehives and birdhouses. The retail park is expected to achieve BREAAM International In-Use certification, targeting a Very Good level.
The asset boasts spectacular open-air architecture set around 14,000 m2 of green and aquatic spaces with water jets, and sound & light shows for visitors throughout the day.
Accimmo Pierre is a fund managed by BNP Paribas REIM France that holds 80 buildings and is valued at €3.4 bn. It mainly invests in new and recent high-quality office buildings that meet the current environmental standards, and diversifies its portfolio by investing in retail, warehouses, industrial premises and outdoor hotels.
Its portfolio is composed of assets predominantly located in Paris and the Paris region and then in the major regional cities. In 2021, the fund obtained the SRI (socially responsible investment) label.
Claire Grandin, deputy head of investment for BNP Paribas REIM France, said: 'This investment fits perfectly with the fund's strategy and confirms its determination to diversify with a new acquisition in retail parks, an asset class that has proved particularly resilient during the Covid-19 crisis.
'Mon Beau Buchelay is one of the biggest deals of this kind completed to date in 2022, and the third retail acquisition for Accimmo Pierre this year. While keeping a highly selective approach, we intend to keep up this momentum in the coming months through further acquisitions.'
Philippe Journo, chairman and founder of Compagnie de Phalsbourg, added: 'We are very glad of our partnership with BNP Paribas REIM France, which began 5 years ago.
'Compagnie de Phalsbourg will continue to manage and promote Mon Beau Buchelay, which is a trophy asset in the retail park sector and shows that our ESG vision, based on outstanding ecology, outstanding architecture and outstanding customer wellbeing, means we can contribute to the appeal of the regions and to building the France of the future.'
The transaction was brokered by Savills.
BNP Paribas REIM France was advised by Wargny Katz, CMS Francis Lefebvre and Artelia. Compagnie de Phalsbourg was advised by Invictus Notaires.
