Henderson's European Retail Property Fund, Herald, has sold the Parisis Park retail warehouse in Franconville near Paris.
Henderson's European Retail Property Fund, Herald, has sold the Parisis Park retail warehouse in Franconville near Paris.
The retail warehouse was purchased by Cordea Savills for €40 mln on behalf of its European Commercial Fund.
Parisis Park comprises two modern buildings with a total lettable area of 8,892 m2 and is leased to retail chains C&A, Sports&Loisirs, Cultura and Armand Thierry.
Henderson acquired the asset in 2007. Since that time, it achieved rental growth in excess of 5% per annum. Asset management initiatives included gaining planning approval for a new 1,000 m2 at the site which was subsequently developed and let to Armand Thierry.
Henderson was advised by Gide (Carol Santoni), Wargny-Katz (Nicolas Masseline), Taj (Sarvi Kehani) and Deanjean.
Cordea Savills was advised by SJ Berwin, Le Breton & Associes, Fidal, KPMG and Turnbull.
