Cordea Savills' European Retail Fund, launched in late 2012, has acquired its first three assets in Paris, Glasgow and Berlin for around €50 mln.
Cordea Savills' European Retail Fund, launched in late 2012, has acquired its first three assets in Paris, Glasgow and Berlin for around €50 mln.
The fund bought two retail units located at 6 Rue de la Paix in Paris, which completed in December 2012. The units are let on long leases to Tiffany & Co. and the jeweller and luxury watch brand Harry Winston.
The second property is a recently refurbished retail unit located in the centre of Glasgow. The property extends over 1,225 m2 and is let to HSBC until June 2025 with rent reviews in 2015 and 2020.
The fund has also acquired a recently completed, fully occupied retail park in the Niederschönhausen district in Pankow, Berlin. The property, which has a gross area of nearly 6,000 m2, is let to 11 retail tenants on long-term leases.
'The portfolio reflects our aim of diversification in terms of regional spread and across retail segments,' said Thomas Gütle, director of institutional business.
