French investment manager Paref, controlled by China's Fosun, has acquired a portfolio of 27 retail assets in France on behalf of its investment fund, SCPI Novapierre 1.
The assets were purchased for 94 mln from investment firm Meyer Bergman.
The Novapierre 1 fund has been specialising in French retail real estate for 20 years, with a focus on Greater Paris, and achieves further diversification with this deal, according to Paref.
Novapierre 1 has recently unveiled a repositioning drive, selling off non-strategic assets and making targeted acquisitions to accommodate new concepts developed by both independent and national brands, Paref said.
The latest deal raises the fund's capital value to over €250 mln, a 60% increase since the end of 2018.
The acquisition was partly financed by a bank loan from HSBC, which adapted the financing in place to allow the fund to benefit from a leverage effect in line with its long-term strategy.
Paref Gestion was advised by Franklin, Mazars, Allen & Overy and notary Cheuvreux.
