Deka Immobilien has acquired a retail property Rue Sainte-Catherine, Bordeaux for EUR 68 mln. The building is fully let on the basis of long-term lease agreements.
Deka Immobilien has acquired a retail property Rue Sainte-Catherine, Bordeaux for EUR 68 mln. The building is fully let on the basis of long-term lease agreements.
The property was sold by Corio France, a subsidiary of the international property company Corio. Deka is adding the asset to its Westinvest Interselect open-ended property fund.
The building has four floors and is situated in a high-profile location on Bordeaux’s main shopping street. When the building was comprehensively refurbished in 2003, its historical facade was preserved. H&M, the main tenant, and a further three tenants, FNAC, SEPHORA and GO Sport, use a total floor space of around 16,700 m2.
Netherlands-registered Corio also sold an office in Rueil Malmaison for EUR 30.6 mln. Both the retail property an office building were sold around book value. Corio said it decided to sell the Bordeaux Megastore because it wants to focus on shopping centres with more growth potential. The building accommodates four large tenants in the city centre of Bordeaux. The sale of the office is part of the disposal plan of the offices and industrial portfolio which was communicated in 2007.
Bordeaux Megastore was acquired by Corio in 2001 and the renovation was completed in 2003. The total cost of acquisition and renovation was EUR 48.8 mln. The building comprises 16,700 m2 GLA with an occupancy rate at time of disposal (end of January 2010) of 100%. The Net Theoretical Yield at time of disposal was slightly under 6%.
Corio acquired the Fréres Peugeot Office building in Rueil Malmaison in 2000 for EUR 25.1 mln. The office comprises 7,400 m2 GLA with 144 parking places with an occupancy rate at time of disposal (end of December 2009) of 100 %. The buyer is Citadel. The Net Theoretical Yield at time of disposal was around 8%.