TH Real Estate, on behalf of Warburg-HIH Invest Real Estate GmbH, acquires a retail warehouse park, currently under development, in the Paris Region.
TH Real Estate will be responsible for the asset management of the property. The asset was acquired, off market, from French project developer JMP Expansion for €25 mln.
The property is being developed in the heart of the retail zone “Les Haies – Creil St. Maximin” about 60km north of downtown Paris but well within the greater metropolitan area. The retail zone has existed at this site for over 40 years and includes more than 140 stores operated by national and international retailers.
It will create a retail warehouse park, which is being developed in conjunction with the “Park Avenue Retail Park.” Upon its completion, the complex will boast over 15,000 m2
of GLA, consisting of 10 separate rental units. The park is already 87% pre let with only two vacant units remaining. Development is scheduled to complete in April 2016.
Source: TH Real Estate