French real estate investor Uffi Ream has acquired a commercial gallery in Malakoff, south of Paris, from the Grosvenor Retail European Properties fund. Uffi Ream is making the acquisition on behalf of an SCPI investment vehicle. The transaction value comes to EUR 20 mln, according to French media reports.
French real estate investor Uffi Ream has acquired a commercial gallery in Malakoff, south of Paris, from the Grosvenor Retail European Properties fund. Uffi Ream is making the acquisition on behalf of an SCPI investment vehicle. The transaction value comes to EUR 20 mln, according to French media reports.
The retail gallery provides around 6,000 m2 of space distributed across eight shops let to Conforama, Alain Afflelou, Frank Provost, La Halle aux Chaussures, Mim, a Paul bakery and a Monoprix hypermarket. The seller was advised by Savills, The Retail Consulting Group and Allez & Associés. Rochelois & Associés acted for Uffi Ream.
Grosvenor said the disposal is in line with the sale program launched at the end of 2008. Last year the UK-based property investment company also sold a 10,500 m2 retail warehouse park located in Villeneuve d’Ascq near Lille, to Uffi Ream.
