Acacia Point Capital advises on sale of two retail parks near Paris
Acacia Point Capital has advised on the sale of two retail parks on the southern fringe of Paris.
The properties are located in Montgeron and Corbeil and comprise 48,000 sqm of lettable area. The purchaser is CarVal, a Minneapolis headquartered investment manager and the vendor is Pillar Retail Europark Fund (PREF). PREF was established in 2004 as a closed-end fund to invest in out-of-town retail parks in the Eurozone.
According to Matthew Walker, Managing Director of Acacia Point Capital, “This sale represents the final disposal of PREF’s assets. At its peak the fund held more than €1bn of retail park properties across Continental Europe. It has been very rewarding to serve as fund manager of PREF and work alongside British Land over the last two years to divest the remaining assets in Italy, Spain, Portugal and France. The economic recovery and return of investor confidence in southern Europe enabled us to create competitive tension in the disposal process and secure better than anticipated value for PREF’s shareholders.”