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.
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.