TH Real Estate, on behalf of its European Cities Fund, has acquired Enox Retail Park in Gennevilliers, Paris from Compagnie de Phalsbourg.
Totalling 26,000 m² (279,862 ft²), the retail park is located between the Megarama cinema and the Chanteraines retail area. Enox Retail Park offers an attractive brand mix including Nike, Zodio, Maisons du Monde, Darty, But and Orchestra.
The park, which was built in May 2015, features a striking stainless steel façade, designed by the architect Gianni Ranaulo, and a recognisable green parking area.
Olivier Pioch, Portfolio Manager, comments: “Situated in one of the most densely-populated areas of Ile-de-France, Enox benefits from a strong local catchment. The complex is in the heart of an urban renewal area in North-West Paris, with a dozen projects currently under development. This acquisition demonstrates our capacity to source off-market assets in a highly-competitive market context.”
Since its launch in March 2016, the European Cities Fund has established a premium portfolio of real estate assets representing a global scale of almost €1bn, including a recent capital raise of €422m. The portfolio offers investors direct access to €1.6bn in real estate assets in the most dynamic and resilient cities of Europe.
The Fund’s current assets include Helsinki’s leading shopping centre, Kamppi, the Xanadú Shopping Centre in Madrid, and The Cube project currently under development in Berlin, an 18,500 m² (c. 200,000 ft²) office building in a prime location in front of the Berlin’s central train station and overlooking the German parliament building.
TH Real Estate was advised by Ashurst, the vendor was advised by Savills.
Liz Sworn, Fund Manager of European Cities Fund, comments: “Boasting a prime tenant mix and distinct architecture, Enox presents a unique opportunity to enter the Paris retail market. We were pleased to have completed this transaction off-market and believe that the asset will deliver solid returns for our investors going forward.”
