French real estate investor Uffi Ream has acquired a retail scheme in Malakoff, south of Paris, from the Grosvenor Retail European Properties Fund. Uffi Ream has purchased the property on behalf of an SCPI investment vehicle for 20 million.
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The retail scheme provides circa 6,000 m² of space.
The retail scheme provides circa 6,000 m² (64,585 ft²) of space distributed across eight shops let to well-known national brands including Conforama, Alain Afflelou, Frank Provost, La Halle aux Chaussures, Mim, a Paul bakery.
The disposal is in line with the sale program Grosvenor initiated in 2008. Last year the UK-based property group sold a 10,500-m² (113,024-ft²) retail warehouse park located in Villeneuve d'Ascq near Lille, to Uffi Ream.
For this transaction, Grosvenor was advised by international advisor Savills, The Retail Consulting Group and Allez & Associés. Rochelois & Associés acted for Uffi Ream.
Source: Savills
