Vastned buys high street shops in Bordeaux

Vastned has acquired a cluster of five high street units on Cours de l'Intendance, Bordeaux's most exclusive shopping area.

The Amsterdam-listed retail real estate investor also acquired a high street shop on Rue de la Porte Dijeaux 35 in Bordeaux.

The total investment volume came to €47 mln.

Vastned said that the cluster of five high street shops is located in the most luxury part of Cours de l’Intendance (numbers 56-64). Vastned already owns three shops in this street which are let to Max Mara, Repetto and Credit Mutuel. The shops, with a total retail space of 1,950 m2, are leased to Louis Vuitton, Nespresso, Serge Blanco, Rodier and Gregory.

The high street shop at Rue de la Porte Dijeaux 35 has a retail space of 1,300 m2 and is leased to New Look. This shop is located in one of the most popular shopping streets of Bordeaux.

The acquisitions bring Vastned's total portfolio in Bordeaux to 18 high street shops, all located in the so-called Golden Triangle. Vastned was advised by real estate agent Centrale du Commerce (Michael Sebban) and notary Adeline Moisy Namand in this transaction. The seller was a private investor.

Vastned has already sold over €150 mln of non-core objects so far this year. The proceeds of the divestments were partly used to finance the high street acquisitions in Bordeaux.