French retail sets the tone for seasonal purchases
The retail sector has always been popular with investors, even if the office sector has often been dominant. This popularity was much in evidence in France in late 2016, with a number of notable transactions across the country.
In Paris, Hines and Universal-Investment acquired the three-storey Marché Saint-Germain building from Belgian REIT Banimmo on behalf of the €1.3 billion European High Street retail mandate from Bayerische Versorgungskammer. Marché Saint-Germain, built in 1995 and aiming to resemble the historic market halls of the area, is located in the Saint-Germain-des-Prés area and is part of a 6,572-square-metre mixed-use building, with eight public areas owned by the City of Paris and three private areas.
The acquisition is the BVK mandate’s fifth; the closing of this deal means that some 47 percent of the portfolio has now been committed.
Still in Paris, Deka Immobilien GmbH purchased a seven-storey retail pr