ING Real Estate makes EUR 50m acquisition in France

ING Real Estate Investment Management has added to its French commercial portfolio through the EUR 50 million acquisition of the Marques Avenue Romans factory outlet for its Retail Property Fund France Belgium. The 11,850 m² scheme consists of two fully let units and almost 500 parking spaces in the centre of Romans, southeast of Lyons.

In a statement, ING REIM said Romans 1 was purchased from an Anglo-Saxon fund. Opened in 1999, Romans 1 incorporates 7,500 m² of space and houses 48 brands, including Mango, Puma and Nike. Romans 2 opened in March 2006 and was acquired by ING REIM from Concept & Romans. It provides 4,000 m² and accommodates 18 retailers. Two new shops, comprising 350 m2, are to open shortly.

'These acquisitions contribute to our policy of highly selective acquisitions, not just in terms of the quality of the assets acquired, the catchment area, and the make-up of their commercial offering, but also by analysing the reliability of the tenant brands,' said Laurent Babelon, acquisitions director at ING Real Estate Investment Management France.