Grosvenor Fund Management (GFM) has sold Grosvenor Retail European Properties (GREP), the parent Company to a group including a French OPCI owning a portfolio of French high street retail assets, to Syntrus Achmea Real Estate and Finance on behalf of one of its clients for in excess of €120m. The French investment vehicle will be managed by BNP Paribas REIM France. GFM was advised by Cushman & Wakefield and DC Advisory.
The OPCI's portfolio consists of 16 prime retail assets in Paris, Bordeaux and Toulouse, which are let to international brands including Zara, H&M, Etam, Gap, Massimo Dutti and Petit Bateau.
Commenting on the sale, Steve Cowen, Managing Director, Transactions, GFM Europe said:
“Grosvenor Fund Management launched GREP in 2004, with a strategy to invest in core-plus high street retail assets in robust cities in Continental Europe. This portfolio was acquired in 2004 and has achieved a net total return to investors of more than 15% p.a. over the hold period, significantly better than the IPD All Property Index over the same period.”
“We have been able to exploit numerous opportunities to add value during our period of ownership, including a redevelopment, 6 new lettings and 8 lease renewals.”
“GFM continues to seek opportunities in high street retail in cities across Europe through other vehicles”.
Grosvenor Fund Management manages approximately €3 billion of assets in Europe, including a portfolio of 31 historical buildings in the heart of Lyon’s city centre in France and Liverpool ONE in the UK. GFM’s strategy is to target high quality retail and office assets where the fundamentals are in place for a sustainable income stream and then use pro-active asset management to add value over and above the market return.
For more information contact:
Naomi Curtis/Sorrel Basher, Press Office
020 7312 6479/6101
Notes to Editors
Grosvenor Fund Management offers a range of sector and region-specific property investment vehicles, with a focus on European urban retail and London offices, which aim to deliver attractive, risk-adjusted returns and a high level of client service. Operating from 12 offices in the USA, Europe and Asia, we employ 102 professionals with local knowledge and skills to execute our strategic investment decisions and create value for our investors. As at 31 December 2013, Assets under Management were £3.2bn with 66 investor partners in 26 property funds, club deals and separate account mandates.