Amsterdam-listed retail specialist Vastned has expanded its position in France by acquiring two high street retail properties in the heart of Bordeaux for a total amount of EUR 7.5 mln. The properties have been acquired from a private investor.
Amsterdam-listed retail specialist Vastned has expanded its position in France by acquiring two high street retail properties in the heart of Bordeaux for a total amount of EUR 7.5 mln. The properties have been acquired from a private investor.
The acquisitions are in line with Vastned's strategy to further develop its portfolio of top quality retail locations in the most popular shopping streets in Vastned's key markets.
One property is located in the city’s busiest shopping street, at 131 Rue Saint Catherine, and has a total floor area of 550 m2 with a retail part of approximately 180 m2. It is let to the international telecom specialist The Phone House. The property located at 61 Cours de l'Intendence measures 720 m2 in total, with a ground floor area of 450 m2. For the largest part it is currently let to the French bank Crédit Mutuel. The property is located right opposite Hermès, Nespresso and Louis Vuitton.
The acquisition contributes to building a cluster on the basis of the nine high street shops previously acquired in Bordeaux over the course of 2011. The total invested capital in Bordeaux is currently EUR 37 mln.
