A consortium led by Primonial REIM has acquired a real estate portfolio in Marseille, France from ANF Immobilier for €400m.
The real estate fund manager said it bought the 140 properties with a total floorspace of 127,000sqm on Rue de la République in the first and second arrondissements of Marseille.
The acquisition involved a “club deal” led by Primonial REIM on behalf of institutional investors including real estate group Cepac Foncière and French insurers MAIF and Suravenir.
The assets are mainly Haussmann-style mixed-use buildings, with retail and office space on the ground floors, and are located on one of Marseille’s main residential and shopping streets.
Primonial REIM said it intends to carry out major repositioning work. The retail space will be redesigned, with the focus on neighbourhood stores. The works is expected to take place over the next five years.
Primonial REIM said the acquisition is in line with its strategy to diversify its investments, including the aim to become a significant player in the residential market.
Laurent Fléchet, chairman of Primonial REIM’s executive board, said: “The acquisition shows Primonial REIM’s desire to increase its presence in neighbourhood properties, with an offering that fits with the needs of local residents.