European investment firm Catalyst Capital has acquired the Domus shopping centre at Rosny-sous-Bois on the eastern outskirts of Paris for more than €100 mln.
Catalyst’s new European real estate fund, Catalyst European Property Fund II (CEPF II), has purchased the 62,633 m2, three-level centre, which is dedicated to home furnishings.
Catalyst did not name the vendor, but PropertyEU's records shows it was pan-European investment manager Orion Capital Managers. Orion acquired the centre from KP Investment, a subsidiary of the real estate arm of Dutch banking group Rabo, in April 2014. Orion is believed to have paid around €70 mln.
Commenting on the latest transaction, Fabrice de Clermont-Tonnerre, a partner of Catalyst, said: 'We are excited about the opportunities at Domus and its growth potential. It is located in a fast-changing retail cluster, which will benefit from the construction of more than 1,300 homes in the next three years and a new metro station in 2021,' c
Domus, which was built in 2006 and modernised in 2014-2015, comprises 70 shops and four anchor stores, Alinea, Truffaut, Boulanger and Zodio. It has an occupancy rate of 94%, following the latest arrivals of Maisons du Monde and Ligne Roset.
The centre is the fourth asset on the outskirts of Paris to be acquired by CEPF II. In January 2016, the fund purchased three office buildings, Perspective Seine in the Pleyel district of Saint-Denis from a fund managed by AEW Europe and two properties west of Paris, Atria at Rueil-Malmaison and Axe Etoile at Nanterre-Préfecture, from Amundi Real Estate.
Catalyst announced the final close of CEPF II late last year, a real estate fund targeting €1 bn of investments. Catalyst has already acquired around €850 mln of real estate across Europe for CEPF II. Among the transactions are the Regatta and Eva portfolios, which total 34 properties, in the UK, and Project 10, a €200 mln German office and retail portfolio.
BNP Paribas Real Estate acted for the vendor; Catalyst was advised by JLL, Freshfields, Lasaygues, BDGS and Eight Advisory.
Accessite will continue to operate as the property and leasing manager on behalf of CEPF II.
