Allianz Real Estate is acquiring a 90% share in the "Nicetoile Shopping Center", the British real estate retail specialist Hammerson will coinvest the remaining 10%. The European real estate and investment company Unibail-Rodamco is the seller. The asset has been purchased for €312.5 million.
The shopping center was opened in 1982 and covers 15,389 m² worth of retail space, 2,018 m² of office space, and 1,852 parking spaces. The Nicetoile shopping center attracts roughly 13.1 million visitors per year and is home to leading brands including Hollister, Sephora and Swarovski. Management of the property will be handled by Hammerson, an important partner for Allianz Real Estate in retail asset management.
The transaction is expected to be closed at the beginning of 2015.
"We're delighted with the acquisition of Nicetoile, which means we will be adding the leading shopping center in the heart of downtown Nice, and located at the busiest avenue in the city, to our portfolio," says Olivier Wigniolle, CEO of Allianz Real Estate France. "We will also be working with our partner Hammerson, who already manages Espace Saint Quentin, our shopping center in Paris."
Jean-Philippe Mouton, President of Hammerson France said: "We are very pleased to co-acquire Nicetoile and extend our existing partnership with Allianz Real Estate. This transaction expands our retail footprint in France and provides us with an additional income stream for the portfolio. The center is the prominent retail destination in Nice and has a strong catchment from which to grow the center’s performance."
Source: Allianz Real Estate