EURO PROPERTY The year 2013 has also begun with
international buyers looking seriously at France’s prime property markets, as countries such as Azerbaijan make their debut with purchases of the Parisian property. In January, Azerbaijan’s State Oil Fund, SOFAZ, advised by Cushman & Wakefield, bought a retail and office asset at 8 Place Vendôme, in the capital city’s first arrondissement. The building was bought from Axa for €135m and is occupied by fashion and jewellery brands Valentino, Dior and Mikimoto. The growth in demand for French property
comes at a time when the country’s economy, the second-largest in the eurozone, is confronted with a growing reticence from international observers. At the end of last year, Moody’s became the second of the world’s top three rating agencies to downgrade the country’s AAA rating. But although some investors also expressed
reservations in the country’s short- to medium- term performance, money kept pouring into French property. And there is interest in property beyond Paris. For instance, Henderson Global Investors paid
TION
€151m on behalf of its German joint venture, Warburg Henderson, for two shopping centres. It acquired Grand Quétigny Shopping Gallery in Quétigny, Dijon, and Ile Napoléon in Mulhouse- Illzach, Alsace. Both are located in established retail locations and boost Henderson’s retail
portfolio in France by over 23,000 m2 . French
property company Klépierre was the vendor. The centres fulfil Henderson’s stringent criteria. Andy Schofield, Henderson’s research director, property, says: “Retailers’ focus tends to be on schemes that are dominant in their area, and have a good track record.” Ara Adjennian, retail director at Henderson
Property in France, echoes Schofield: “A lot of investors have narrowed their focus to the main cities such as Paris. However, we believe that,
“Especially in the case of retail, there is value to be found from dominant assets in mid-sized cities with optimum catchment areas”
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