Jul 5, 2011
Grosvenor-led consortium buys two French malls
Jul 5, 2011
July 5 - Grosvenor Group said its fund management arm led a consortium of investors to buy two French shopping centres for a total of 148 million euros ($210 million) from Unibail-Rodamco, Europe's biggest listed property company.
Unibail-Rodamco is Europe's leading listed commercial property company specialised in shopping centres in European capital cities and in offices in Paris.
The shopping centres -- in Marseille and Chalons en Champagne, each anchored by Carrefour hypermarkets -- complete the second phase of the acquisition of a 416 million euro folio of retail property in France and Sweden, it said.
"The acquisitions reflect our continued desire to invest in the French retail sector and source and acquire opportunities that will create value for our investor partners," Grosvenor Fund Management's continental Europe director, James Raynor, said.
Grosvenor Fund Management manages two retail specific funds and other retail properties with total retail assets of about 1.4 billion euros in continental Europe.
Grosvenor is the property investment vehicle of the Duke of Westminster, Britain's third-richest person.
(Created by Andrew Macdonald; Editing by Louise Heavens)
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