Wednesday, 21 January 2015
Redevco initiates long-term investment program with high street property purchase in Paris’s Golden Triangle (FR)
Redevco, the retail real estate specialist and one of Europe’s largest owners of high street properties, has made its first acquisition following a period of strategic re-organization of its portfolio to focus on core locations that are best adapted to the e-commerce revolution.
It has made an investment in a prime shopping destination in the center of Paris as part of a long-term investment program.
Andrew Vaughan, Redevco’s Chief Executive, said: “Redevco is back on the market again with a significant amount of equity to deploy. We’re looking for investment opportunities that match our clear focus on retail properties, which appeal most to tenants and shoppers as online commerce continues to transform the retail sector.”
Following a strategic review in 2011, Redevco began re-organizing its real estate portfolio to focus on those assets which it believes will both survive and flourish in the digital revolution that is currently sweeping the high street. Redevco looks across the risk-return spectrum for prime buildings on the principal shopping streets of the larger cities across Western Europe as well as inner city shopping centers and dominant out-of-town retail parks. This led to the decision to cease operations in certain emerging markets and to divest all its non-retail assets.
In its first investments under this new strategy, Redevco has acquired a “Haussmannian” building with strong redevelopment potential on 38, rue François 1er in the “Golden Triangle” retail district off the avenue des Champs-Elysées from a private French investor. The property comprises a total of 1,670 m²of mixed-use space.