AEW has acquired a portfolio of three properties in Cannes and Lille for a total of €60m on behalf of Fondis. Fondis is a fund that is focused on acquiring and managing retail assets across France.
The portfolio includes a 1,600m², two-floor retail unit at 15-17 Rue de Béthune in Lille, the city’s main shopping street, which is let to fashion brand Mango.
Two further properties that have been acquired are luxury boutiques in Cannes which are let to Céline and Giorgio Armani. The assets are located at 42/43 Boulevard de la Croisette, a prime location 400m from the Palais des Festivals convention centre, alongside a large number of luxury boutiques and between two five star hotels, the Majestic and the Grand Hôtel.
Raphaël Brault, Head of France at AEW Europe added: “With the addition of these three new retail assets, the Fondis portfolio now amounts to over €500m, with further capacity remaining. We will continue to seek opportunities to support the growth and diversification of the portfolio.”
