Syntrus Achmea acquires prime high street retail property portfolio for €120 million (FR)

Syntrus Achmea Real Estate & Finance, the property arm of the Dutch asset manager and pension administrator, has acquired on behalf of a client the shares in Grosvenor Retail European Properties III, the parent company of a group of companies that holds a portfolio of 16 prime high street retail properties in central Paris, Bordeaux and Toulouse for in excess of €120 million. The vendor is a fund advised by Grosvenor Fund Management.
Henk Jagersma, CEO of Syntrus Achmea RE&F, said: “This is the second direct investment that we have made outside the Netherlands in the core markets of Western Europe and it follows the German residential portfolio that we purchased early last year. Prime high street properties in major European cities have been resilient for retailers throughout the recent downturn by continuing to draw shoppers and we expect them to outperform as the recovery takes hold.”
The portfolio comprises a total of about 10,000 m² of space, which is fully occupied by tenants with long term contracts including international brands Zara, H&M, Etam, Gap, Massimo Dutti and Petit Bateau. Two of the properties are located in Paris, while the other 14 are split evenly between the centers of Bordeaux and Toulouse. BNP Paribas REIM France advised Syntrus Achmea RE&F on the French portfolio acquisition and will be managing the assets.
Syntrus Achmea RE&F’s Jagersma said: “We will continue to look for opportunities to acquire more core assets, such as residential and retail properties, in markets such as France and Germany.”
Source: Bellier Financial

Related News