A fund advised by European real estate investment manager Meyer Bergman has bought a portfolio of 38 retail and mixed-use properties located across France for a sum of over €100 mln from an institutional fund that is approaching the end of its life.
A fund advised by European real estate investment manager Meyer Bergman has bought a portfolio of 38 retail and mixed-use properties located across France for a sum of over €100 mln from an institutional fund that is approaching the end of its life.
The portfolio is spread across high street properties, retail parks, mixed-use properties and shopping galleries.
The acquisition is the second completed by Meyer Bergman European Retail Partners III since its first round of capital-raising in December, when it was seeded with a portfolio of 11 prime retail properties in downtown Oslo.
The fund has also agreed to buy a block of prime high street properties in central Dublin and has another pending acquisition, both of which are scheduled for completion in coming months.
'We have been looking for the right opportunity to increase our exposure to France and we found it with this diversified retail portfolio, which offers a number of asset management angles for us to add value. We are well advanced in committing the fund,' said Markus Meijer, Chief Executive Officer of Meyer Bergman.
The fund has attracted commitments from pension funds, sovereign wealth funds and endowments located in Europe, Asia, and North America, representing re-ups from existing investors as well as commitments from new investors.
The buyer was advised by Stepling, White & Case, C&C Notaires, PwC, JLL and Vendôme Capital Partners, while HSBC is providing debt finance for the acquisition. The seller was advised by Adyton; DLA Piper; Alexandre, Dechin & Devriendt and Wragge Lawrence Graham & Co.
