US alternative asset manager CarVal Investors has announced the acquisition of two French retail parks comprising 48,500 m2 of space from British Land's Pillar Retail Europark Fund (PREF).
US alternative asset manager CarVal Investors has announced the acquisition of two French retail parks comprising 48,500 m2 of space from British Land's Pillar Retail Europark Fund (PREF).
The properties are located in Corbeil and Montgeron, two suburbs south of Paris, and are let to retailers such as C&A, Electro Depot, Babou and Kiabi.
The deal, which was financed by German lender Pbb, reflects a net entry yield of 7.5%.
CarVal Investors intends to reposition both retail parks through an intensive asset management programme. The assets are currently 30% vacant.
CarVal Investors was advised by Expansion Asset Management, Accessite, Allez et Associés, DLA Piper and JLL Debt Advisory.
PREF was advised by Internos Global Investors, Le Breton & Associes, PWC, JLL and Retail Partners Europe.
