European retail property fund Vastned has sold a portfolio of 19 shops in France.
European retail property fund Vastned has sold a portfolio of 19 shops in France.
The assets were acquired by Fondis, a fund managed by AEW Europe, for €13.4 mln.
Vastned said that it divested the portfolio - consisting mainly of properties located in provincial towns - as part of the strategy of focusing on venues for premium shopping in larger cities.
The portfolio comprises a total floor space of over 6,600 m2 and an expected gross annual rent of around
€1 mln. The 19 properties are spread over a large number of towns such as Lille, Arras, Bourges, Chaumont and Dax.
Vastned recently announced further progress on the execution of the high street strategy through the divestment of more than €130 mln of French non-core assets in Thoiry and Dunkirk.
The transfer of the property in Thoiry to Eurocommercial Properties took place in mid-June. Vastned has been advised by Cushman & Wakefield and notary Adeline Moisy Namand.
