Real I.S. AG has sold the La Croix-Blanche shopping center in France.
The parties have agreed not to disclose the terms of the transaction.
Completed in 2001, the building offers a leasable space of more than 8,406 square metres and 238 car parking spaces.
The La Croix-Blanche shopping center is fully let and part of the commercial park in Sainte-Geneviève-des-Bois in the Île-de-France region, south of Paris. Tenants are Stokomani, La Halle, C&A, Basic-Fit and other renowned firms.
Real I.S. had bought the property for its specialised institutional real estate alternative investment fund (AIF) BGV V in 2014.
“We continue to develop our assets and strive to enhance their value. All rental contracts have been renegotiated in Sainte-Geneviève-des-Bois. The La Croix-Blanche complex is situated in one of the most important shopping places of the Greater Paris region,” explained Christoph Erven, President von Real I.S. France.
“This is a very successful transaction, to the benefit of our investors. The attractiveness of the La Croix-Blanche property and the asset management activities of Real I.S. were decisive for the deal,” said Alexandre Guignard, Director Investment Management International at Real I.S. France.
Axel Schulz, Global Head of Investment Management at Real I.S. AG commented: “We have continuously developed the property, side by side with our tenants, and now completed the planned divestment. The transaction clearly shows the investors ongoing interest in retail real estate in first-class locations.”