CCP 5 LL, the Core-Plus Fund managed by Tristan Capital Partners, has sold a 17,700m² Casino Hypermarket asset located in Pessac in the French city of Bordeaux for circa €35m. The Fund acquired the asset in late 2017, with operating partner F&A Asset Management, and repositioned it to deliver an attractive offering for the catchment. Works were conducted to improve the tenant’s operational efficiency, and a long term regear was successfully completed, highlighting the resilience of food anchors throughout the pandemic.
Yassine Berkane, Executive Director at Tristan Capital Partners, said: “The Casino hypermarket in Pessac provided us with a well-located asset with strong underlying fundamentals. Working alongside our partner we have regeared the asset and further strengthened its appeal in the local market. This deal demonstrates the continued investor appetite we’re seeing for different retailing formats, showing an understanding that grocery-backed assets in urban locations can play a significant role in their portfolios.”
Maxime Forgeot, Founder at F&A Asset Management, added: “We are pleased to have contributed our team’s expertise to this successful transaction, and we look forward to working on new opportunities with Tristan Capital Partners in the future.”
