AEW acquires Passy Plaza shopping center in Paris

AEW has purchased Passy Plaza shopping center in the 16th arrondissement of Paris.

The center was acquired from Generali on behalf of three of AEW’s funds under management for retail investors.

The four-story asset, which comprises 13,000 square meters (140,000 square feet) split over two levels of retail units and two levels of parking, is currently let to 25 tenants, including major brands such as Uniqlo and Zara Home. The center was completely renovated in 2018 with the aim of improving the energy efficiency, upgrading the building and modernizing the design.

Passy Plaza is situated on rue de Passy, close to the Passy (line 6) and La Muette (line 9) metro stations and the Boulainvilliers RER C station. The asset is located in one of the most affluent districts of Paris and represents a strong retail offering in an area with vacancy of less than 1 percent for retail assets.

“This new acquisition is the 7th made by AEW on the rue de Passy and demon