Deka Immobilien has purchased a retail complex in an exclusive location in Strasbourg. The seller is the French real estate developer and investor Altarea Cogedim. The property will be added to the portfolio of the WestInvest TargetSelect Shopping sector fund, which is aimed at institutional investors. The purchase price was undisclosed.
The purchase includes parts of the historical 18th century buildings L’Aubette and Petite Boucheries. The two buildings were originally separated by a narrow alley and were connected for their current use by a roofed glass construction as part of an extensive renovation in 2008. The approximate 8,500 m² of leasable space consists of some 5,700 m² of retail space and around 2,800 m² of hotel space. The space is fully leased under long-term leases to ten tenants, with Apple and Zara as main tenants.
The property dominates the centrally located Kléber Square in the heart of the Grand-Île, the historical centre of Strasbourg where the main sights and most important retail district of the city are located. The Grand-Île was declared a UNESCO World Heritage Site in 1988.
With this purchase, WestInvest TargetSelect Shopping has entered the market in France. The Fund portfolio now holds eleven properties in six countries.