Cushman & Wakefield Investors and Scottish Widows Investment Partnership said on Monday that they have made a second acquisition on behalf of their Pan-European Urban Retail Fund (Puretail Fund) with the purchase of 8-12 rue d’Amsterdam in the 9th district of Paris. The transaction amounts to EUR 25 mln.
Cushman & Wakefield Investors and Scottish Widows Investment Partnership said on Monday that they have made a second acquisition on behalf of their Pan-European Urban Retail Fund (Puretail Fund) with the purchase of 8-12 rue d’Amsterdam in the 9th district of Paris. The transaction amounts to EUR 25 mln.
Puretail, which raised EUR 100 mln of equity in March 2011, focuses on investment in urban retail property in France, Germany and Sweden.
The Paris asset is a mixed-use building comprising 2,600 m2 of retail and office space which was refurbished in 2005. The retail element is 100% occupied by toy retailer La Grande Récré and France Telecom/Orange. The office section is also fully leased to 118 218, France's leading telephone directory service provider.
'We believe the retail element to be significantly under-rented and envisage potential to reconfigure the existing space to increase the retail element in the asset,' commented Jens Göttler, the asset manager for Puretail.
Puretail's first deal was the acquisition in September last year of Kasernenstrasse 1 in the CBD of Düsseldorf, for just under EUR 20 mln. The building is let to retailers such as Diesel and Mavi Jeans.
