Invesco Real Estate (IRE), the global real estate investment manager, has announced two separate acquisitions of prime French retail assets for a total of EUR 200 mln.
Invesco Real Estate (IRE), the global real estate investment manager, has announced two separate acquisitions of prime French retail assets for a total of EUR 200 mln.
The deal involves Alpha Park 2, a newly-built 35,000 m2 retail park in Clayes-Sous-Bois (78) and 144 rue de Rivoli, a 6,750 m2 mixed-use retail and office property in central Paris.
IRE said these latest investments are part of its strategy to focus on retail, a sector it believes will perform strongly over the long-term. This strategy has seen the firm invest EUR 870 mln in various retail assets including mixed-use properties, retail warehouses, retail parks and shopping centres over the past 18 months on a pan-European basis.
'Although we have always had allocations to retail, since late 2011 we have increased our focus to this sector and will continue in 2013 as we strongly believe that it should offer attractive long-term returns for our clients,' said managing director Paul Joubert. 'This concerted effort has meant we have been able to access some of the best quality, including some rare, investment opportunities available in the marketplace, the majority of which have been off-market due to our established local contacts.'
Alpha Park 2 is located in one of the best retail park areas in the west of Paris, and was purchased from La Compagnie de Phalsbourg, a well-known French retail developer. The property opened to the public in September 2012. PBB financed the purchase.
144 Rivoli is located in Paris’s 1st Arrondissement, and will be the flagship store for Forever 21, an American fashion retailer. It should be delivered in 2013. The vendor is the French developer, Vinci. Helaba provided finance for the deal.