International property group Grosvenor has acquired a 18,000 m[sup]2[/sup] retail park in Claye Souilly, France, for EUR 34 mln. The 17 retail units are located 25 km east of Paris and serve a population of about 200,000 inhabitants. Anchored by a Carrefour hypermarket that has been recently extended to include a 30,000 m[sup]2[/sup] shopping gallery, the retail zone covers an area of 120,000 m[sup]2[/sup] and comprises some of the major national retailers.
International property group Grosvenor has acquired a 18,000 m2 retail park in Claye Souilly, France, for EUR 34 mln. The 17 retail units are located 25 km east of Paris and serve a population of about 200,000 inhabitants. Anchored by a Carrefour hypermarket that has been recently extended to include a 30,000 m2 shopping gallery, the retail zone covers an area of 120,000 m2 and comprises some of the major national retailers.
This new acquisition is in line with Grosvenor's growth strategy in France, the company said in a press release. Grosvenor has been very active in the country over the last two years, primarily in the retail market, investing EUR 0.5 bn and completing 20 acquisitions.
With a well diversified portfolio including high-street retail units, shopping galleries and out-of-town retail centres, Grosvenor intends to remain very active in the latest sector. 'Our current investment capacity is in excess of EUR 550 mln and we would expect a large proportion of this to be invested in French retail', said Grosvenor Continental Europe's investment director Steve Cowen.
Grosvenor is an international private property group that operates through four companies based in Great Britain-Ireland, the Americas, Continental Europe and the Australia-Asia Pacific region. With a presence in the property business spanning 300 years, Grosvenor is a well-known investor, developer and fund manager. At the end of 2005, it managed EUR 13.3 bn of assets.