German fund manager Deka Immobilien's institutional fund, WestInvest TargetSelect Shopping, has entered the French market with the acquisition of a retail asset in the centre of Strasbourg.
The property is located on Kléber Square in the heart of the Grand-Île, the historical centre of Strasbourg. The Grand-Île was declared a UNESCO World Heritage Site in 1988.
The investment volume of the transaction was not disclosed.
The purchase includes parts of the historical 18th-century buildings L'Aubette (pictured) and Petite Boucheries. The two buildings were originally separated by a narrow alley and were connected for their current use by a roofed glass construction as part of an extensive renovation in 2008.
The 8,500 m2 of leasable space consists of some 5,700 m2 of retail and around 2,800 m2 occupied by a hotel. The property is fully leased under long-term leases to 10 tenants, with Apple and Zara as main tenants.
WestInvest TargetSelect Shopping now owns 11 retail properties in six countries.
