French commercial property firm MRM has sold the Marques Avenue A6 shopping centre on the outskirts of Paris to an unnamed Organisme de Placement Collectif Immobilier (OPCI) fund for institutional investors. The transaction price amounts to some EUR 50 mln.
French commercial property firm MRM has sold the Marques Avenue A6 shopping centre on the outskirts of Paris to an unnamed Organisme de Placement Collectif Immobilier (OPCI) fund for institutional investors. The transaction price amounts to some EUR 50 mln.
The property offers roughly 13,200 m2 of space across 67 retail units and four restaurants. It is located in Corbeil-Essonnes, in the southern suburbs of Paris, and had re-opened in late 2008 after a long renovation programme launched after the acquisition by MRM in 2004.
Jacques Blanchard, CEO of MRM, said: 'The disposal of Marques Avenue A6 marks the success of our value-creation strategy which we have implemented and which has allowed us to reposition a mall situated in an ideal location but which had become out-dated.'
MRM was advised by Didier Lasaygues, Lefèvre Pelletier et Associés and CBRE Capital Markets.
MRM was created in 2007 with the transfer of assets by Dynamique Bureaux and Commerces Rendement, two investment companies managed by CB Richard Ellis Investors.
