Henderson’s European Retail Property Fund – Herald, has sold Parisis Park in Franconville near Paris to Cordea Savills, for c. €40 million. Cordea Savills has purchased the asset for its European Commercial Fund
Parisis Park is part of La Patte d’Oie, one of the most established and best performing out-of-town retail zones in the Greater Paris Area. It benefits from a strategic location, close to major anchors IKEA, E.Leclerc hypermarket and the “Quai de Marques” shopping outlet. It comprises two modern buildings with a total lettable area of 8,892 m² and is leased to well-known retail chains C&A, Sports&Loisirs, Cultura and Armand Thierry.
Henderson acquired the asset in 2007. Since that time, it achieved rental growth in excess of 5% per annum over the hold period. Asset management initiatives included gaining planning approval for a new 1,000 m² unit at the site which was subsequently developed and let to Armand Thierry.
Carl White, Fund Manager of the Herald Fund, commented: “The successful sale in Franconville is in line with our Fund strategy to realize value from exiting assets; having completed the development and subsequent letting to Armand Thierry earlier this year, we identified an optimum time to exit the investment. The net proceeds from the sale will now be distributed back to investors.”