Real IS, the property arm of German lender Bayern LB, has acquired Retail Park Eden in Servon located in Greater Paris for the Real IS BGV VI fund.
Financial details were not disclosed.
The retail park covers almost 50,000 m2 of land and offers a rentable area of approximately 20,600 m2. The seller was a private investor.
'France is one of the most attractive and interesting markets for Real IS in Europe,' said Axel Schulz, head of global investment management at Real IS.
'The Servon location is currently in the process of establishing itself as a retail location. The excellent site conditions and the quality of the property with its contemporary architectural concept makes the Retail Park Eden in Servon the ideal addition to our portfolio.'
Retail Park Eden was developed by Habitat & Commerce and Terra Nobilis and opened in October 2017. Along with the retail area on the ground floor, the park has more than 306 outside parking spaces and around 494 underground parking spaces.
The park is fully let to 19 tenants in total (GIFI, Intersport, Maxi Toys, Alain Afflelou, La Vignery, Pro Duo, etc.). Food retailer Marché Frais Géant is the anchor tenant.
Real IS was advised by notary C&C Notaires, Maitre Laurent Hosana and law firm SBKG, Maitre Vincent Lassalle.