Savills Investment Management has acquired two McArthurGlen designer outlet centres in France.The properties are located in Troyes and Roubaix.
The assets were acquired from real estate funds managed by Ares Management Corporation and from McArthurGlen, Europe’s leading designer outlet group, for a price approaching EUR 300 million.
The properties were acquired via the creation of a new OPPCI and on behalf of a club of investors. The investors comprise a number of institutions managed by a leading German Multi Manager in Real Estate and Alternatives investments based in downtown Frankfurt in Germany, as well as with commitments from existing Savills IM funds. McArthurGlen retains a stake in both properties and will remain the operational manager of the two designer outlets.
Debt was provided by Societe Generale and DWS while Savills IM was advised in Paris and London by Cushman & Wakefield, Simmons & Simmons, PWC and Savills Building Consultants.