French asset manager Primonial REIM has confirmed the acquisition of a €400 mln portfolio of retail, office and residential assets in Marseille from ANF Immobilier.
The deal, which was completed by Primonial on behalf of a club of institutional investors including the property arm of bank Cepac and insurers MAIF and Suravenir, was a major condition for Icade's €213 mln takeover of ANF Immobilier to go ahead.
Icade, the Paris-listed developer and investor, said in October that it was taking control of smaller peer ANF Immobilier through the purchase of Eurazeo’s 50.5% interest in the firm.
The Marseille assets, located in the first and second arrondissements, provide 127,000 m2 of space over 140 Haussmann-style assets.
Primonial REIM said it plans to completely reposition the assets over the next five years.
'We are proud to strengthen our presence in Marseille through the realization of this very beautiful operation. We register as a partner of the city of Marseille, to write a new page in the history of the Rue de la Republique,' said Primonial Reim's CEO Laurent Fléchet.
Primonial REIM was advised by Clearwater International France, eRE, law firms Cheuvreux Notaires, Fairway and Fidal, as well as Denjean & Associés.
