Vastned has sold 29 non-core assets in France as it refocuses on premium high-street shops in a select number of cities in Europe and in Turkey.
Vastned has sold 29 non-core assets in France as it refocuses on premium high-street shops in a select number of cities in Europe and in Turkey.
The Rotterdam-based listed European retail property company said the total sales price of €45 mln was higher than the latest appraisal value.
The assets have been sold to one of the funds of French-based property investor Sofidy and to a private investor: FD Invest & Gestion. Vastned will use the proceeds of the sales to acquire high-street shops in 'premium cities', the company said.
The divestment comprises inner-city shops located throughout France in cities and towns such as Alençon, Amiens, Dieppe, Lille, Roubaix, Troyes, Thonon, Vichy, Brest, Laval and Chambéry, but also includes a cluster of four retail warehouses in Toulon La Garde. The assets total 15,000 m2 with an annual gross rent of € 2.8 mln. The average occupancy rate of these assets is 91%.
Vastned CEO Taco de Groot: 'This sale is fully in line with our sharpened high street strategy, focusing on the very best shopping streets in the most attractive cities. This transaction increases our exposure to premium cities in France to approximately 77%, and improves our occupancy rate in France to around 96%. As a result of the major steps we have made in France, including this divestment, we will be able to further sharpen our focus on growth in premium cities, such as Paris, Bordeaux, Lille, Lyon, Nice/Cannes and Toulouse.'
Vastned was advised by Cushman & Wakefield, while Sofidy was advised by 3X3 Conseil.
The role of shopping centre investors is one of the themes at the International Council of Shopping Centre's European annual conference in Istanbul from 2-3 April 2014. Click here for the full conference programme.
