Listed European retail investor Vastned has acquired high street shops in the cities of Ghent and Lyon for a total €30 mln, the company announced on Friday.
Listed European retail investor Vastned has acquired high street shops in the cities of Ghent and Lyon for a total €30 mln, the company announced on Friday.
In Ghent (Belgium), Vastned has bought the property at Veldstraat 23-27 in the city centre for €27.7 mln and in Lyon (France), it has acquired a high street shop in city’s luxury street Rue Édouard-Herriot at number 70 for €2.6 mln.
The store in Ghent is let to fashion retailer H&M and comprises a total GLA of 2,590 m2. Cushman & Wakefield advised on the acquisition.
Vastned already had a presence in Ghent with high street shops in the Veldstraat, Zonnestraat and Volderstraat. The latest acquisition boosts the value of Vastned’s portfolio in the city to around €44 mln.
The store in Lyon comprises a GLA of about 165 m2 and is let to French luxury fashion retailer Sandro. The acquisition is Vastned’s second in the city.
Commenting on the investments, Vastned CEO Taco de Groot said they are ‘fully in line’ with the company’s strategy of focussing on growth in premium cities. ‘We would like to expand further in premium cities like Lyons. Ghent is in the top three retail cities of Belgium and Lyon is one of the biggest cities in France, after Paris,’ he said.
