Herald fund acquires Centre Sud in France for EUR 64m

Henderson Global Investors' EUR 850 mln pan-European retail property fund, Herald has acquired the Centre Sud shopping centre, Le Mans, France from ING Retail Property Fund France Belgium (RPFFB), a commercial investment fund managed by ING Reim, for EUR 64.4 mln.

This is Herald's first shopping centre acquisition in France and marks it as one of the few active buyers in this specialised market in the country, HGI said.

Spread over 13,200 m2, Centre Sud is the biggest shopping centre in Le Mans. It is anchored by a Carrefour store and houses four other specialised supermarkets and has an additional 89 units let to various French and multinational brands including H&M, la Grande Récré and Sephora. Commenting on the acquisition, David Turner, Herald's fund manager, said: 'The fund's strategy for 2009 was to increase its exposure to core Western European markets where forecast returns are the most attractive. We are therefore extremely pleased with the acquisition of Centre Sud in Le Mans, both in terms of the timing of the acquisition and the quality of the asset itself.'

ING REIM was advised by White and Case, the Etude Notariale Allez & Associés and law firm Arsène Tax. ING Reim was represented by Jones Lang Lasalle's investment department as part of an exclusive selling mandate.

Herald was represented by Ashursts, Maitre Flusin, Deloitte, Taj, Turnbull Associés, Environ and CB Richard Ellis.