Tikehau acquires interest in French mall
Tikehau Investment Management has acquired a 57.4 percent interest in Bercy 2 in Charenton-le-Pont, France, for approximately €111.5 million ($124.3 million) from Hammerson.
Tikehau mainly focuses on single-tenant retail properties in and around Paris, making Bercy 2 one of its largest transactions.
The 378,890-square-foot shopping mall is one of the largest in the Parisian suburb. It has 70 tenants, the largest of which are Carrefour and Darty. The building is 85 percent occupied.
Hammerson acquired a 56 percent interest in the four-story building in 2000 for €57.8 million ($65.6 million). The property was built in 1990 and renovated in 2013.
It has been a fairly volatile year for retail property sales in France, with $3.3 billion worth of properties sold so far this year, according to Real Capital Analytics. Retail sales contributed to 23 percent of invested volumes in France during first quarter 2015, up 49 percent from the previ