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."