A joint venture between Redevco and Hermes has acquired a centrally located shopping centre in Lille as part of its €250 mln investment programme.
The transaction volume was not disclosed.
'The joint venture’s investment programme is gaining momentum as we leverage our extensive network in France to unearth opportunities where we can add significant value to a property,' commented Andrew Vaughan, CEO at Redevco.
'Our French team of retail asset managers will be taking a fresh approach to this landmark building and contribute to the regeneration of Rue de Béthune. Aside from France we will be looking for other opportunities of this kind elsewhere in the core markets of Western and Northern Europe,' Vaughan added.
The 25,000 m2 asset will be redesigned and redeveloped to create a retail led mixed-use building set to open in 2019.
'This is our second acquisition in France in recent weeks, highlighting our ongoing focus on the urbanisation trends and demographic lifestyle shifts we are seeing across a number of markets,' said Chris Taylor, head of private markets at Hermes Investment Management. 'Working in partnership with Redevco, we believe that we can provide holistic returns through the active management of this prominent asset whilst working in close alignment with our like-minded local partner.'
Lille is France's fifth largest metropolitan area behind Paris, Marseille, Lyon, and Toulouse, with a population of just over one million people.
Advising the joint venture were Etude Monassier, Cabinet Adden, Cabinet Archers for legal services, Gide Loyrette Nouel for legal structuring and tax services, and Féral et Associés for technical services.
