The Cordea Savills European Retail Fund, which launched late last year, has acquired its first three assets in Paris, Glasgow and Berlin for €50m.
“We are delighted to have acquired three properties of such high quality in a highly competitive market on behalf of our investors,” commented Thomas Gütle, director of institutional business.
He added: “The portfolio reflects our aim of diversifying across regions and retail segments.”
The fund bought two retail units, located at 6 Rue de la Paix in Paris, which completed in December 2012 and are in a prime location directly between the Place Vendôme and the Place de l’Opéra. They are let on long leases to Tiffany & Co. and the jeweller and luxury watch brand Harry Winston.
The second property is a recently refurbished retail unit located in the centre of Glasgow at the corner of Buchanan Street and Argyle Street and covering 1,225 m2.
“Buchanan Street is one of the most popular shopping streets in the UK, second only to Oxford Street in London,” said Ian Jones, director of investment at Cordea Savills. The property is let to HSBC until June 2025 with upwards-only rent reviews in 2015 and 2020.
The also acquired a recently completed, fully occupied retail park in the Niederschönhausen district in Pankow, Berlin. The property, which has a gross area of nearly 6,000 m2, is let to eleven retail tenants on long-term leases.
