A fund advised by pan-European real estate investment manager Tristan Capital Partners has acquired a shopping centre in the heart of Poitiers, the city in central west France, for an undisclosed price from a vehicle of Munich-based GLL Real Estate Partners.
Curzon Capital Partners IV (CCP IV), Tristan’s latest vintage ‘core plus’ style fund, has acquired the 9,000 m² Cordeliers centre, which has national and international brands such as Zara, Mango, Fnac, Décimas, and Nature & Découvertes as its anchor tenants.
Jean-Philippe Blangy, Managing Director at Tristan Capital, said: “Improving consumer confidence benefits retail, an investment theme that we have been pursuing actively elsewhere in Europe, particularly in Germany and the U.K., so this purchase fits well within that strategy. The firepower of the CCP IV fund means that we are actively looking for fresh opportunities to invest in France, where pricing has taken time to adjust and economic growth is beginning to pick up.”
The purchase is the third investment in Europe by CCP IV and continues the predecessor fund’s strategy of acquiring retail properties in established catchment areas in smaller western European cities that require fresh asset management input.
Olswang and Racine advised the fund on the legal and corporate activities sides of the transaction respectively. Othrys Asset Management advised CCP IV and will oversee the management of the property. CBRE advised GLL Real Estate Partners.
Source: Tristan Capital Partners
