International real estate advisor Savills has advised Corio in the sale of a 9,500 m² retail complex in central Metz, in the northeast of France, to Grosvenor for approximately 30 million. The sale represents a net initial yield of circa 5.5%.
Savills acted as joint advisor to Corio with Cushman & Wakefield. The property is located in Rue Serpenoise in the heart of Metz's commercial center and is let to Zara and department store Printemps.
Christophe Gouny, Head of Savills retail team in France, says: "This is a prime asset let to businesses of national and international standing. It is exactly the sort of property investors are looking for."
Grosvenor was advised by Alexandre, Dechin & Devriendt.