Resolution Property has acquired McArthurGlen Roubaix, an outlet centre near Lille in France for €23m (£20m) – an 8% net initial yield.
The 186,500 sq ft scheme was managed by McArthurGlen Designer Outlets and sold from the €1.5bn European Outlet Mall Fund, managed by Henderson Global Investors, to Resolution Real Estate Fund III.
The centre comprises 75 shops let to brands such as Adidas, Calvin Klein, Gaastra and Lacoste.
Resolution plans to achieve full leasing of the centre, which has a current vacancy rate of 6%. Talks are already underway with several retailers.
The centre is held on a long lease from the local authority and Resolution will discuss the acquisition of the freehold in the longer term.
Peter Todd, director at Resolution Property, said: “This will be our second designer outlet village in France, following our purchase of McArthurGlen Troyes last year, also from EOMF. McArthurGlen Roubaix is a well-located centre offering some excellent asset management opportunities that are firmly in line with Resolution’s value-add strategy. It is an opportunity to extend our successful partnership with McArthurGlen and further our investment in Outlet Centres, where sales growth continues to outperform full price retail.”
Jones Lang LaSalle acted on behalf of Resolution Property; EOMF was represented by Cushman & Wakefield.
annabel.dixon@estatesgazette.com
