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Transaction Reports Parisis Park Henderson sells Parisis Park in France
Henderson Global Investors’ European Retail Property Fund – Herald, has sold ”Parisis Park” in Franconville near Paris to Cordea Savills, for c.€40 million. Cordea Savills has purchased the asset for its European Commercial Fund.
“Parisis Park” is part of La Patte d’Oie, one of the most established and best performing out-of-town retail zones in the Greater Paris Area. It benefits from a strategic location, close to major anchors IKEA, E.Leclerc hypermarket and the “Quai de Marques” shopping outlet. It comprises two modern buildings with a total lettable area of 8,892 sq m and is leased to well-known retail chains C&A, Sports&Loisirs, Cultura and Armand Thiery.
Henderson acquired the asset in 2007. Since that
time, it achieved rental growth in excess of 5% per annum over the hold period. Asset management initiatives included gaining planning approval for a new 1,000 sq m unit at the site which was subsequently developed and let to Armand Thiery. Carl White, Fund Manager of the Herald Fund, commented: “The successful sale in Franconville is in line with our Fund strategy to realise value from exiting assets; having completed the development and subsequent letting to Armand Thiery earlier this year, we identified an optimum time to exit the investment.”
Henderson was advised by Gide (Carol Santoni), Wargny-Katz (Nicolas Masseline), Taj (Sarvi Kehani) and Deanjean. Cordea Savills was advised by SJ Berwin, Le Breton & Associes, Fidal, KPMG and Turnbull.
Cordea Savills
acquires Parisis Park Legal advisors to Herald European Retail Property Fund:
Legal advisors to Cordea Savills:
The Tiber Property Group
Growthpoint Properties Ltd to acquire The Tiber Property Group
Growthpoint Properties and Tiber Group recently announced that Growthpoint will acquire the entire Tiber Group portfolio of properties and management business. The R6,6 billion transaction, Growthpoint’s largest single acquisition to date, will see it gaining one of the most exclusive property portfolios in South Africa.
The portfolio developed under the vision of the late Francesco Rivera spans 320,000sqm of mainly P- and A-grade office space concentrated in Sandton and its surrounds, including multiple multinational head offices such as Nestlé, PPC, AngloGold Ashanti, Norton Rose, Merrill Lynch, Barclays and Absa Capital. It comprises 28 prime properties and a 50% stake in a further 9 properties.
Growthpoint has also secured an initial three-year strategic agreement with the Tiber Projects executive team of Stephen Scott, Germano Cardoso and Artur Carrazedo. For Growthpoint, the transaction is a significant boost to its office portfolio and enhances its underlying income streams. The acquisition lengthens Growthpoint’s average office lease length and, with a 95% occupancy rate, improves its overall office vacancy levels. It will also make Growthpoint the country’s biggest office property owner, with a portfolio of 1,5 million square metres of office space across South Africa, valued at nearly R25 billion.
Norbert Sasse, CEO of Growthpoint Properties says: “A portfolio of this quality and size, centred in arguably the best investment property location in South Africa, is a once-in-a-lifetime opportunity and beneficial for Growthpoint’s shareholders”
Growthpoint Properties Ltd to acquire
The Tiber Property Group
Investment bank and sponsor to Growthpoint Attorneys:
Financial advisor to The Tiber Group shareholders:
Financial advisor to The Tiber Group:
Growthpoint Properties Ltd: Legal advisor to
Legal advisors to The Tiber Property Group:
Conveyancers to the Tiber Group: Messrs Tax advisors: