German property fund manager Deka Immobilien has acquired a retail store leased to furniture and consumer electronics discounter, Conforama, in central Paris, for €60 mln.
The vendor of the premises was Spanish REIT Merlin Properties, which is divesitng legacy assets outside its home market. Deka is adding the asset to an institutional real estate fund.
The property was built in 1930 and offers 8,500 m² of leasable space over seven floors at 10 Avenue de la Grande Armée in the immediate vicinity of the Arc de Triomphe on an extension of the Avenue des Champs-Élysées. This places it within the L'Axe Majeur Étoile Neuilly Défense urban development project in Paris, which focuses on promoting micro-locations. The store also benefits from a special permit for extending opening hours to midnight and Sundays.
Conforama, part of the Steinhoff International Group, leases the property as a flagship discount store for furniture, decorations, electrical appliances and consumer electronics. The building was modernised before the opening in 2012.
