AEW has purchased a prime retail asset in the centre of Cannes, France.
The 375m² asset is situated on rue d’Antibes, the main shopping area in Cannes city centre with more than 200 stores.
This lively area attracts significant footfall, supported by a number of restaurants in the adjacent streets, and is located close to the Boulevard de la Croisette and only 650 metres from the train station.
The 4-storey 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. Many high-end fashion brands have recently established themselves in this area.
Sébastien Cappigny, Fund Manager at AEW, commented: “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. This investment is motivated by our strong belief that prime commercial property in the most dynamic French towns remains an attractive and resilient asset class. This acquisition, the fourth by the Fund in Cannes, strengthens our presence on the rue d’Antibes, the commercial heart of one of the most important towns of the French Riviera.”
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