CWI, SWIP buy fully-let retail asset in Dijon

Cushman & Wakefield Investors and Scottish Widows Investment Partnership have acquired 51-57 rue de la Liberté, in the central retail area of Dijon, Central Eastern France, on behalf of their PURetail fund. Financial details were not disclosed.

The asset, comprising 4,100 m² of retail space spread over four floors, is 100% occupied and is let to H&M, Sephora and The Phone House. The central retail area of Dijon will benefit from the opening of two tram lines in 2013, with two stops within 250 metres of the asset.

'With this acquisition in Dijon, the PURetail Fund has a total EUR 75 mln in gross assets. Having EUR 125 mln spending power remaining, we are looking to make additional purchases this year in Germany, France and Sweden. In line with the fund’s investment strategy, we are targeting inner city retail assets in strong locations with a EUR 10 - 40 mln lot size,' said Jens Göttler, asset manager for the PURetail Fund.

Robert Matthews, the PURetail fund manager added: 'Our research and local teams have identified Dijon as an excellent regional city with the fundamentals we believe are attractive to successful retailers. We see the high street as still being a defensive play in the current volatile markets.'

This is the third asset purchased by the fund which is managed through a joint venture between CWI and SWIP.