Orion Capital Managers has bought the Domus shopping centre in Rosny-sous-Bois on the eastern outskirts of Paris from KP Investments, a subsidiary of Rabo Real Estate Group.
Orion Capital Managers has bought the Domus shopping centre in Rosny-sous-Bois on the eastern outskirts of Paris from KP Investments, a subsidiary of Rabo Real Estate Group.
The acquisition is earmarked for Orion European Real Estate Fund IV.
Although financial details were kept confidential, it is understood that the deal was in the region of €70 mln. It was financed by Credit Agricola Corporate & Investment Banking, advised by LPA and Etude Ginesty.
Domus was completed in 2006 and comprises a 62,874 m2, covered shopping centre focused on home products and furnishings. It is anchored by both local and international home retailers including Alinéa, Boulanger, Truffaut, Roche Bobois, Natuzzi, BoConcept and Zodio which is opening its new store at the end of April.
'Our business plan is to capitalise on the new tenants and to relaunch Domus with a comprehensive marketing campaign and capital investments to improve the customer experience,' said Aref Lahham, managing director and founding partner of Orion Capital Managers.
The centre, managed by Accessite, includes two floors of underground car parking and an additional car park on the roof. It will benefit from the opening of a new metro station in 2019 adjacent to Domus.
King & Spalding, Etude Notariale de Meudon and Clifford Chance advised Orion. SCP Chevreux & Associés, Osborne Clarke, Landwell & Associés and PwC acted for KP Investments.
The acquisition comes hard on the heels of Orion Capital Managers' sale last week of 131 Finsbury Pavement in the UK capital to Royal London for £57.5 mln (€70 mln).
