Vastned has sold two more non-core retail assets in France as part of its strategy to focus on high-street shops in the market.
Vastned has sold two more non-core retail assets in France as part of its strategy to focus on high-street shops in the market.
The listed European retail property fund said it had increased the share of high street shops in its French portfolio to 90% by selling Val Thoiry in Thoiry and Centre Marine in Dunkirk.
In the larger of the two transactions, Rotterdam-based Vastned reached agreement with Eurocommercial Properties, another Dutch-registered investor, on the sale of Val Thoiry for €105 mln.
The transaction covers a 15,000 m2 shopping arcade and a stand-alone retail warehouse of around 8,500 m2. The property has over 60 tenants including Armand Thierry, H&M, Leroy Merlin, and Sephora, yielding a gross annual rent of € 6.5 mln.
Cushman & Wakefield advised Vastned in this transaction.
Vastned also reached agreement with French company BECI Holding Immobilier on the sale of Centre Marine in the centre of Dunkirk. The property is anchored by H&M, E.Leclerc and Armand Thierry. The occupancy rate is 72% and the gross annual rent €1.1 mln.
The investment volume for the Dunkirk deal was not reported but is believed to be in the region of €13 mln.
This is based on the fact Vastned CEO Taco de Groot said the company had been able to sell close to €130 mln of non-core assets in France since the beginning of the year. In March, Vastned announced the sale of sold €12 mln of non-core assets in Augny, Frouard an Nice.
Vastned said all the sales in France this year were in line with the company's strategy to divest €200 mln in the coming three years to improve the quality of the portfolio. The proceeds will be used for investment opportunities in high street shops and loan repayments.
Vastned has a portfolio in Europe and Turkey valued at €2 bn.
