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AEW acquires prime retail asset on the rue d’Antibes in Cannes, France
AEW, one of the world’s leading real estate investment and asset managers, has acquired a prime retail asset in the center of Cannes, France.
The asset was acquired on behalf of Fondis, AEW’s fund focused on acquiring and managing retail assets across France. Financial terms were not disclosed.
The 375-square-meter (4,036-square-foot), four-story property is on the rue d'Antibes, the main shopping area in Cannes city center, with more than 200 stores. The building was renovated in 2016 and is leased to luxury clothing company Twinset, a major Italian prêt-à-porter brand, with a 10-year commercial lease, which was renewed in 2022.
“We adopt a tactical approach to the retail sector across Europe and remain convinced that there are pockets of opportunity to invest in assets with strong occupiers that are in established locations such as this,” said Sébastien Cappigny, fund manager at AEW. “This investment is motivated by our strong belief that prime co