Tristan Capital’s Curzon Capital Partners 5 Long-Life Fund has acquired a 17,700 m2 hypermarket in the Pessac district of the French city of Bordeaux.
The asset was sold by L'Immobilière Groupe Casino in an off-market transaction.
F&A Asset Management, which sourced the investment opportunity for the Tristan fund, will be responsible for the asset management. The investment volume was not disclosed.
The hypermarket is part of the 35,040 sqm Bois de Bersol retail cluster, which is strategically located in the wealthy catchment area of Pessac within the metropolitan area of Bordeaux, France’s sixth largest city. It is also conveniently located near to the city’s ring road and A63 motorway intersection. The location attracts 2.5 million visitors annually.
Cecile Champy, executive director of portfolio and asset management at Tristan, said: 'This acquisition gives the fund an excellent opportunity to take exposure on retail’s most resilient sectors – food and consumables – and the opportunity to invest in the dynamic Bordeaux region. We also look forward to expanding our footprint in the French market not only through retail exposure to provinces, but also in office, logistics and mixed-use schemes in Ile de France for our core plus and value-add/opportunistic funds.'
Following the fund’s acquisition, Géant will continue to operate the hypermarket which will be renovated according to Groupe Casino’s latest food-focused concept.
