The Cordea Savills European Retail Fund, which launched in late 2012, has acquired its first three assets in Paris, Glasgow and Berlin for âŹ50m.
The acquisition of two retail units located at 6 Rue de la Paix, in Paris, which completed in December 2012 are in a prime location directly between the Place VendĂŽme and the Place de lâOpĂ©ra. The units are let on long leases to Tiffany & Co. and the jeweller and luxury watch brand Harry Winston.
The second property is a recently refurbished retail unit located in the centre of Glasgow. The property is located at the corner of Buchanan Street and Argyle Street and extends over 1,225 sqm. The property is let to HSBC until June 2025 with upwards only rent reviews in 2015 and 2020.
The Fund has also acquired a recently completed, fully-occupied retail park in the âNiederschönhausenâ district in Pankow, Berlin. The property, which has a gross area of nearly 6,000 sqm, is let to eleven retail tenants on long-term leases. Approximately half of all rental income is generated by the three strong anchor tenants Kaiserâs (food), Rossmann (pharmacy), and Dennâs (organic food).
