Zurich Investment Foundation has bought a retail asset in France for €29.5m ($31.2m).
Schroder Real Estate said it has bought a retail gallery near Bordeaux from CBRE Global Investors for Zurich’s Immobilien Europa Direkt fund.
Aimed at Swiss pension funds, the open-ended fund is looking to build up an €800m diversified portfolio of commercial real estate in western Europe’s main markets.
The Centre Commercial Auchan de Biganos, in Gironde, is anchored by grocery retailer Auchan, with 37 tenants on average unexpired leases of 6.5 years.
The fund last year bought an office asset in Paris in a €120m joint venture with French insurance firm, Malakoff Médéric. The 23,000 sqm Chevaleret office property, in the 13th district of the French capital, is being refurbished, with completion due at the end of this year. The property is 65% pre-let on a nine year lease.
Schroder last year also bought an office in Germany, investing in the Europa Arkaden I building in Darmstadt, for €16.2m.
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