Vastned sells 29 stores in France

Vastned sells 29 stores in France

European real estate fund Vastned has sold 29 so-called non-strategic assets in France, as they do not fit the focus on "premium shopping establishments", a move which brought in 45 million euro. 

Inner-city stores in smaller cities

Vastned has divested in inner-city stores in cities like Alençon, Amiens, Brest, Chambéry, Dieppe, Laval, Lille, Roubaix, Toryes, Thonon and Vichy, on top of 4 retail warehouses in Toulon La Garde. They have all been sold to one of French real estate investor Sofidy's funds and to private investor FD Invest & Gestion.

 

In total, 15,000 sqm of store area and a gross yearly rental value of 2.8 million euro (with an 91 % average occupancy rate) were sold. The 45 million euro return was "above the properties' most recent valuation", according to a press release from the group out of Rotterdam.

 

"High street shops in premium cities"

"The sale fits our new high street strategy", in which we focus on the "best high street shops in premium cities", says CEO Taco de Groot.

 

"This transaction increases the premium city high street shops share in our French portfolio to about 77 % and improves our French occupancy rate to 96 %. With regards to the large steps we have taken in France, we will be able to focus even more on growth in cities like Paris, Bordeaux, Lille, Lyon, Nice/Cannes and Toulouse."

Questions or comments? Please feel free to contact the editors


Hudson's Bay defends itself and adds cheaper brands

27/12/2017

Hudson's Bay is on track in the Netherlands, the company’s marketing director Edo Beukema states after a lot of criticism. He says there is no truth to the rumour the department store chain is planning to leave, but it will adjust its marketing approach and pricing.

Unibail-Rodamco acquires competitor Westfield

12/12/2017

Unibail-Rodamco acquired its competitor Westfield for 14 billion euro and will gain control over 35 shopping center (33 in the United States). The resulting company will become the world’s largest real estate company.  

Mitiska REIM announces two new retail parks in Romania

29/11/2017

Mitiska REIM has announced the opening of two new retail parks in Romania. The new additions consolidate Mitiska REIM’s position as the leading retail park investor in Romania, with 21 sites across the country.

Mitiska Reim buys its first French retail park

06/11/2017

Belgian real estate firm Mitiska Reim will enter the French retail market with its recent acquisition of a retail park near Caen. It has been an eventful year so far, with acquisitions in Germany, Romania and Spain as well. 

Delhaize is highlight of new shopping center in Luxembourg

07/09/2017

Shopping center Borders has just opened its doors, right near Schengen. The largest Delhaize store in the Grand Duchy of Luxembourg is its major attraction and should house about two dozen retailers in the near future.

Mitiska Reim acquires its first German retail park

06/09/2017

Belgian real estate firm Mitiska Reim bought a retail park in the German city of Mönchengladbach. It was a collaboration with Luxembourg Investment Group and the group’s first German acquisition.

Back to top