Dutch property company Redevco has signed an agreement to sell 19 assets in France to a fund managed by Cleaveland for a total EUR 75mln. The portfolio consists of nine retail shops in Paris, a retail park in Ile de France, two logistics warehouses in the Lyon region and three mixed-use retail and office assets in the Paris area. The portfolio provides about 55,317 m[sup]2[/sup] of space, which compares to Redevco's total French portfolio of 390,000 m[sup]2[/sup] .
Dutch property company Redevco has signed an agreement to sell 19 assets in France to a fund managed by Cleaveland for a total EUR 75mln. The portfolio consists of nine retail shops in Paris, a retail park in Ile de France, two logistics warehouses in the Lyon region and three mixed-use retail and office assets in the Paris area. The portfolio provides about 55,317 m2 of space, which compares to Redevco's total French portfolio of 390,000 m2 .
According to Jean-Christophe Bretxa, managing director of Redevco in France, this first disposal in the country reflects Redevco's new strategy which is aimed at rationalising the firm's portfolio with a focus on larger Grade-A retail assets in city centres.
Last year, Redevco acquired the former Sud-ouest assets in Bordeaux and opened a new shopping centre in Aix en Provence. At the beginning of 2008, the Dutch retail group acquired a commercial gallery in Rennes and the former Galeries Lafayette shop in Nantes.
Redevco will celebrate the opening of a 1,320 m2 mixed-use complex in Paris later this year. The company said it is currently developing 12 other projects in Paris and its surroundings as well as in Lyon, Bourges, Haguenau, Rennes, Nantes and Bordeaux.
