Grosvenor is continuing its strategy to expand in the French retail market with the acquisition of the Provence Opéra shopping gallery in the eigth and ninth arrondissement of Paris. The property, offering just over 2,000 m[sup]2[/sup] of space, was bought for EUR 23.5 mln on behalf of one of Grosvenor's OPCI vehicles. Main tenants are H&M, Body Shop, McDonald's, Phildar and Subway.
Grosvenor is continuing its strategy to expand in the French retail market with the acquisition of the Provence Opéra shopping gallery in the eigth and ninth arrondissement of Paris. The property, offering just over 2,000 m2 of space, was bought for EUR 23.5 mln on behalf of one of Grosvenor's OPCI vehicles. Main tenants are H&M, Body Shop, McDonald's, Phildar and Subway.
Grosvenor was advised by law firm Alexandre & Dechin & Devriendt. Savills, Cushman & Wakefield and law firm Allez & Associés acted for the seller.
Grosvenor, a privately owned investment group with EUR 11.5 bn of assets under management, is planning to strengthen its retail portfolio in France, where the group currently manages over 160,000 m2 of city-centre assets and business parks. 'Grosvenor is targeting to invest EUR 350 mln in French retail assets this year,' the company said in a statement.
Last week sources confirmed to PropertyEU that the company is negotiating the acquisition of two shopping centres in the country from Unibail-Rodamco. The properties are said to be part of a larger European portfolio named Quid which the Franco-Dutch property group put on the market in late 2010.
Last month Grosvenor also acquired the mixed-use Heron Park development at Villeneuve d’Ascq in Lille from Gerald Ronson's Heron International for EUR 95 mln. The 42,500-m2 property comprises 18,000 m2 of retail space, a 10,000-m2 headquarters office building, an UGC cinema and a 6,000-m2 food court.
