PREF, a specialist European retail warehouse fund, has made its first major purchase in France.
It has just completed the acquisition of a retail development near Paris from SCI Epicure for €48.5m (£33.1m).
Work on the 26,599-sq m (286,320-sq ft) Corbeil-Essonnes park, which is to be built 33km to the south of Paris, is due to start in March. Completion is scheduled for summer 2007.
The scheme is already fully prelet to tenants including Babou and C&A and will generate €3.1m (£2.1m) pa, representing a yield of 6%.
PREF, is advised by British Land European Fund Management.
British Land Fund Management director, Valentine Beresford, said: “This acquisition provides PREF with its first significant purchase in France and takes the overall portfolio, under contract or acquired, close to £500m in value and 2.6m sq ft (241,545 sq m) in eight schemes.”
PREF was advised by CB Richard Ellis.
References: EGi News 31/01/06
